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Types of a Contract

valid: Satisfies the law's requirements unenforceable - some rule of law prevevoidnts enforcement voidable - one party can terminate agreement  void - neither party can enforce agreement Agreement - the party can form a contract only if they had a meeting of the minds An offer is an act or statement that proposes definite terms and permits the other party to create a contract by accepting those terms Termination by revocation effective when the offers receives it firm offers and revocability common law rule revocation of a firm offer is effective if the oferee receives it before he accepts option contract the offeror may not revoke an offer during the option period Termination by rejection If an oferee rejects an offer, the rejection immediately terminates the offer termination by expiration when an offer specifies a time limit for accepting the period is binding Acceptance  the oferee must say or do something to accept In a bilateral contract,...
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chapter 3

negotiation parties make offers and counter offers for settlements \ may be face-to-face through lawyers mediation neutral person ( mediator) attempts to get parties to reach a voluntary settlement mediation may be offered by a judge mediator does no render a decision abitration neutral (arbitrator) is involved arbitrator does render a binding decision arbitration may be mandatory of chosen in advance as the method of dispute resolution
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