FIN 240 Lecture Notes - Lecture 14: Quasi-Contract
Document Summary
Contract - an agreement formed by two or more parties who agree to a promise. Promise - person"s declaration that they will perform or refrain from performing some present or future act. Promisee - person to whom the promiser made the promise. Objective theory of contacts - to determine the intent of the parties. Form - some contracts must be in writing. Contract formation > formal vs. informal (simple contract) Bilateral - offeree must only promise to perform. Unilateral - offeree can accept the offer only be completing the contract performance. Irrevocable - offer cannot be revoked once performance has begun. Formal contract - requires a special form or method to be enforceable. Informal contract - does not require a specified form or method of formation to be valid. Express - terms of the agreement (oral or written) are explicitly stated. Implied (in fact) - conduct creates and defines the terms of the contract.
