Ch6 Agreement Quasi contract Express contract Voidable contract Unenforceable contract Bilateral contract Unilateral contract a contract involving one promise followed by one a contract where one party may at its option either a contract involving two promises and two performances a contract where the agreements have not been formed in a classification that permits a contract to be enforceable in any meeting of the minds resulting in mutual assent to do or refrain a contract that has the necessary elements and thus can be a contract created when the parties have specifically agreed a contract in which the agreement is reached by the parties from doing something performance which then triggers a second performance from the offeror on the promises and performances Implied contract actions rather than their words cases where no express or implied contract exists where one party suffers losses as a result of another party s unjust enrichment Valid contract enforceable Void contract conformance with the law from the outset of the agreement and thus cannot be enforced by either party disaffirm the contract or enforce it an otherwise binding agreement but is subject to a legal defense estate products based on the Uniform Commercial Code where the source of law is established by determining the predominant thrust of the subject matter necessitating that the parties must reach an agreement using a combination of offer and acceptance and that the assent must be genuine Offer a promise or commitment to do or refrain from doing a specified activity In contract law the expression of a willingness to enter into a contract by the offeror promising an offeree that she will perform certain obligations in exchange for the offeree s counterpromise to perform power of acceptance is created by a valid offer in which there is a benefit that must be bargained for between the parties Generally a promise is supported by consideration if the promisee suffers a legal detriment by giving up something of value or some legal right and promisor makes her promise as part of a bargained for exchange the broad underlying retirement to form an enforceable contract requirement for an enforceable contract in addition to agreement the offeree s expression of agreement to the terms of the offer The the governing body of law of contracts for services or real contracts that involve terms for both goods and services a contract that meets the elements required by law for the governing body of law of contracts for goods or State statutory law State common law Hybrid contracts Consideration Mutual assent Acceptance Legality Capacity Rejection Revocation Public policy Counteroffer Genuine assent Operation of law an action terminating an offer whereby the offeror decides to the law governing which contracts must be in writing in order requirement for an enforceable contract necessitating that the an action terminating an offer whereby the offeree rejects the requirement for an enforceable contract necessitating that both the an action terminating an offer whereby the offeree rejects the offer requirement for a valid contract necessitating that both parties have the power to contract Certain classes of persons have only limited powers to contract including minors and those with mental incapacity subject matter and performance of the contract must be legal terms are consistent with public policy objectives requirement for a contract to be enforceable necessitating the knowing voluntary and mutual approval of the terms of a contract by each party Statute of frauds to be enforceable Objective intent requirement for an offer to have legal effect necessitating that generally the offeror must have a serious intention to become bound by the offer and the terms of the offer must be reasonably certain withdraw the offer by expressly communicating the revocation to the offeree prior to acceptance outright prior to acceptance original offer and proposes a new offer with different terms another way in which an offer may be terminated by certain happenings or events Generally these include lapse of time death or incapacity of the offeror or offeree and destruction of the subject matter of the contract prior to acceptance Irrevocable offers offeror These include offers in the form of an option contract offers where the offeree partly performed or detrimentally relied on the offer and firm offers by a merchant under the Uniform Commercial Code based on a reasonable reliance on the offer acceptance only if it is the precise mirror image of the offer term used to describe an event covered under operation of the law in which a contract may be terminated once either the offeror s expressed time limit has expired or reasonable time has passed governs common law contracts and provides a rule for when a contract is considered to be deemed accepted by the offeree thus depriving the offeror of the right to revoke the offer Generally the mailbox rule provides that the acceptance of an offer is effective upon dispatch and not when the acceptance is received by the offeree existing facts Mutual mistake assumption on which a contract was made in contract law an erroneous belief that is not in accord with the when both parties hold an erroneous belief concerning a basic principle stating that the offeree s response operates as an when the offeree makes preparations prior to acceptance classification of offers that cannot be withdrawn by the Detrimental reliance Mirror image rule Lapse of time Mailbox rule Mistake Minors Preexisting duty Mental incapacity Past consideration Unilateral mistake Promissory estoppel Nominal consideration Bargained for exchange theory allowing for the recovery of damages by the category of individuals who have limited capacity to consideration that is stated in a written contract even aspect of consideration differentiating contracts from when only one party had an erroneous belief about a basic a duty that one is already legally obligated to do and thus type of contract that is not considered to meet the bargained category of individuals who have limited capacity to contract covering assumption in the terms of an agreement generally not recognized as a legal detriment gifts by holding that a performance or return promise is bargained for only if it was exchanged for another promise for exchange requirement when the promise is made in return for a detriment previously made by the promise though it is not actually exchanged