Types of Contracts Flashcards
Express Contracts
Formed by language, oral or written
Implied Contracts
Formed by manifestations of assent other than oral or written language, i.e., by conduct
Quasi-Contracts
NOT CONTRACTS
Constructed by courts to avoid unjust enrichment by permitting plaintiff to bring an action in restitution to recover the amount of the benefit conferred on defendant
Bilateral Contracts
Exchange of mutual promises - a promise for a promise
Unilateral Contracts
Offeror-promisor promises to pay upon the completion of the requested act by the promisee
- Where the offeror clearly indicates that completion of performance is the only manner of acceptance
- Where there is an offer to the public, such as a reward offer, which so clearly contemplates acceptance by performance rather than a promise
Once the act is completed, a contract is formed
Void Contract
Without any legal effect from the beginning - cannot be enforced by either party
Ex: an agreement to commit a crime
Voidable Contract
One or both parties may elect to avoid by raising a defense that makes it voidable, ex: infancy or mental illness
Unenforceable Contract
An agreement that is otherwise valid but which may not be enforceable due to various defenses extraneous to contract formation, ex: SOL or SOF
Requirement Contract
Buyer promises to buy from seller all of the goods the buyer requires
Output Contract
Seller promises to sell to buyer all of the goods the seller produces
Option Contract
Offeree gives consideration for a promise by the offeror not to revoke an outstanding offer
Merchant’s Firm Offer Under Article 2
A promise to keep an offer open without consideration is enforceable if:
- Merchant
- Offers to buy/sell goods in a signed writing; and
Writing gives assurances that it will be held open (this offer will be held open for 10 days) - Offer is not revocable for lack of consideration during the time stated, or if no time stated, for a reasonable time (cannot exceed three months)
