LAW 1101 Final: Contract Formation law 2200
Document Summary
Contract formation: offeror (the person who makes an offer) v. offeree (the person to whom an offer is made) Bilateral contract- a contract that arises when a promise is given in exchange for a return promise. Unilateral contract- a contract that results when an offer can be accepted only by the offeree"s performance. It is a promise for an act and the contract is formed when the it is performed, rather than when it"s made. (i. e. contests, lotteries, competitions offering prizes) Formal contracts require a specific form or method of creation (formation) to be enforceable. Including negotiable instruments (i. e. checks, promissory notes cds), special form, and language required to create them. Informal contracts are all other contracts (simple contracts) that do not require special form, however some types must be in writing. Express contracts- terms of agreement are fully and explicitly stated in words (oral or written) Implied contracts- a contract that is implied from the conduct of the parties.
