Introduction to Contracts

Chapter 9 Introduction to Contracts

Business Law and the Regulation of Business, 13th Edition, Richard A. Mann and Barry S. Roberts, CENGAGE Learning, ISBN: 9780357209493.

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Discus what is contracts and the main contracts

 

Contract = KK = Legally enforceable binding agreement between 2 or more parties

 

Main Types of Contracts

  1. Unilateral Contract:1. One party makes a promise + 2. the other party accepts by actual performance.
  2. Bilateral Contract:1. Both parties make promises +2. Acceptance is also by promise(s)
  3. Valid contract = Meet all the legal requirements of contract.
  4. Unenforceable Contract:1. Parties intended to have a K, but +2. failed to meet at least 1 legal requirements of a valid K.
  5. Voidable Contract = 1 party may legitimately cancels the K.
  6. Promissory Estoppel:1. Defendant (∆) made a promise that Plaintiff (╥) would likely to reply upon +2. ╥ actually relied upon ∆’s promise +3. This is one of the ways to avoid injustice
  7. 7. Quasi Contract:1. ╥ gave a benefit to ∆ +2. ╥ was expected to be compensated for such a benefit rendered to the ∆ +3. ∆ would be unjustly enriched
  8. Unconscionable Contract:1. Terms of the contract are extremely unfair and +2. Terms favor only one party

.Unconscionable K = Illegal K

 

 

 

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