B LAW 220 Study Guide - Midterm Guide: Contract, Quasi-Contract, A Void
Document Summary
Contracts : binding agreements between two or more parties. Executory contract : agreement by which something remains to be done; an uncompleted contract. Executed contract : all things required to be completed have been performed. Express contract : parties" intentions are shown by their (oral/written) words. Implied contract : you look to the behavior of the parties. These types of contracts are either implied by fact or by law. Voidable contract : one or both sides of the parties are able to leave the contract without being sued. Void contract : it can not be enforced by either parties. A good example would be to contract illegal activities. Unilateral contract : contract under which only one party makes a promise while the other acts. Bilateral contract : an exchange of a promise for a promise. Quasi contract : there is no contract. This is a court-imposed obligation to prevent unjust enrichment in the absence of a contract.
