Contracts_1 - CONTRACTS Nature, Classification, Agreement...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CONTRACTS Nature, Classification, Agreement and Consideration Definition of a contract – a contract is an agreement that can be enforced in court. Requirements of a contract 1. agreement 2. consideration 3. contractual capacity 4. legality Defenses to enforcement of contracts include 1. genuineness of assent 2. form Freedom of contract and freedom from contract are part of fundamental public policy Bilateral v. Unilateral contracts A bilateral contract is a promise for a promise; if the offeree need only promise to perform, the contract is bilateral A unilateral contract is a promise for an act; if the offeree can accept only by completing performance, the contract is unilateral A unilateral contract’s offer becomes irrevocable once substantial performance has been completed Formal contracts – require a special form or method of formation Informal contracts – no special form is required Express v. Implied contracts Express contract is one in which the terms are expressed in words, oral or written
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
A contract that is implied from the conduct of the parties is an implied in fact contract. To establish an implied in fact contract, the plaintiff must: 1. Have furnished some service or property 2. have expected to be paid and defendant knew or should have known that payment was expected; and 3. Defendant had a chance to reject service or property and did not Contracts are also classified according to stage of performance. A contract that has been performed is an executed contract. A contract that has not been performed is an executory contract. If one party has fully performed but the other has not, the contract is still classified as executory. Voidable contracts – Valid contract in which one or both of the parties
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/30/2008 for the course B A 241 taught by Professor Hippo,charlesway during the Fall '08 term at Pennsylvania State University, University Park.

Page1 / 6

Contracts_1 - CONTRACTS Nature, Classification, Agreement...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online