types of contracts

•  executory
• executed
• bilateral
• unilateral
• valid : satisfies the laws requirments
• unenforceable: some rule of law prevents enforcement party
• voidable : one party can  terminate agreement
• void : neither party can enforce
• 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 these terms
• termination by revocation
• effective when the oferee receives it form 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, the oferee generally must accept by making a promise
• In a unilateral contract, the oferee must accept by performing
• If the offer is ambiguous the oferee may accept by either promise or performance
• mirror image rule
• requires that acceptance be on precisely the same terms as the offer
• communication of acceptance
• medium and manner of acceptance
• if an offer demands acceptance in a particular medium or manner, the oferee must follow these requirements
• If the offer does not specify a type of acceptance, the oferee may accept in any reasonable manner and medium
• the mailbox rule - effective upon dispatch it is out of the oferee control
• consideration   
• courts seldom inquire into adequacy of consideration
• The question of adequacy is for the parties to answer as they bargain.
• It's not for the courts to second guess later when a lawsuit ensues
• mutuality of obligations
• illusory promise
• if one party's promise is conditional, the other party is not bound to the agreement
• sales law: requirement and output contracts adequacy of consideration
• the question of adequacy is for the parties to answer as they bargain
• It's not for the courts to second guess later, when lawsuit ensues
• capacity and consent
• capacity I the legal ability to enter into a contract
• a voidable contract may be canceled by the party to the contract
• who lacks capacity
• in  some cases lack of capacity creates a void contract
• 6 types of controls that must be written
• contracts for sale of an interest in land
• contracts for the sale of goods for $500 or more
• contracts in consideration of marriage
• contracts that cannot be performed within one year of the contract
• contracts of guarantee of debts
• contracts where an estate executor agrees to pay estate debts from personal funds
• elements of common law fraud
• a false representation by a party of a pat or existing material fact
• the person knew it was false or had knowledge without knowing whether it was true or false
• the representation was made with the intention to induce another party to act in reliance on the representation
• the representation caused the other party to act in reliance
• the other party suffer pecuniary damages as a result of the reliance
• exclusionary rule - precludes evidence collected or analyzed in violation of the defendants constitutional rights from being cited in a court of law i.e. self-incrimination
• 4th amendment: people can't be searched without a warrant
• civil case: money damages
• criminal cases: charges by the government
• misdemeanors: punishable of up to a year in jail
• felony: punishable of a prison sentence of over a year to death and require court room procedure