Types of Contracts Flashcards
Executed Contracts
An executed contract is a contract that has been fully performed by all parties to the contract.
Executory Contracct
An executory contract is a contract that remains to be completed in the future by at least one of the contracting parties.
Void Contract
A void contract is a contract which cannot be enforced by either of the parties.
Voidable Contract
A voidable contract is a contract that can be disaffirmed by one or more of the parties for reasons related to legal immaturity or mental incapacity.
Requirements Contract
A requirements contract is a contract in which the seller agrees to supply all of the goods or services that the buyer needs over a specified period of time. As consideration for the seller’s promise, the buyer agrees to obtain these goods or services exclusively from the seller.
Output Contract
An output contract is a contract in which the buyer agrees to buy all of the goods or services that the seller can produce over a specified period of time.
Installment Contract
Under the UCC, an installment contract is one which requires or authorizes the delivery of goods in separate lots to be separately accepted or rejected.
Express Contract
An express contract is one which is manifested by words either written or oral.
Implied-in-Fact Contract
An implied-in-fact contract is one that is inferred by the law because the acts or conduct of the parties and the surrounding circumstances make it reasonable to assume that a contract exists between them even though the contract was never manifested by words.
Implied-in-Law Contract (Quasi Contract)
An implied-in-law contract is a remedy that is imposed by operation of law to do justice even though it is clear that no promise was ever manifested by words or ever intended. The creation of an implied-in-law contract will be recognized when one party accepts or retains benefits that have been conferred upon him by another party who expected to be paid and who was not a volunteer.
