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, the oferee generally must accept by making a promise
• In a unilateral contract, the oferee must accept by performing
• If the other is ambiguous the oferee may accept by either a promise or performance
• Mirror Image rule