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Bilateral contract

A contract where both parties make a promise

Unilateral contract

A contract where one party makes a promise that the other party can accept only by doing something

Executed contract

An agreement in which all parties have fulfilled their obligations

Valid contract

A contract that satisfies all of the law's requirements

Unenforceable agreement

A contract where the parties intend to form a valid bargain but a court declares that some rule of law prevents enforcing it

Voidable contract

An agreement that may be terminated by one party due to a defect, such as a minor, but not by both parties

Void agreement

An agreement that neither party may legally enforce

Express contract

An agreement with all important terms explicitly stated

Implied contract

A contract where the words and conduct of the parties indicate that they intended an agreement

Promissory estoppel

A remedy for an injured plaintiff in a case with no valid contract when justifiable reliance on a promise made by the defendant is shown

Quasi-contract

A remedy for an injured plaintiff in a case with no valid contract when benefit to the defendant, reasonable expectation of payment, and unjust enrichment are demonstrated

Quantum meruit

The damages awarded in a quasi-contract case, meaning "as much as he deserved"

Offer

An act or statement proposing definite terms and allowing the other party to create a contract by accepting those terms

Offeror

The party in contract negotiations making the first offer

Offeree

The party in contract negotiations receiving the first offer

Revoked

When the offer is canceled before acceptance

Counteroffer

An offer made in response to a previous offer

Mirror image rule

A contract doctrine requiring acceptance to be on exactly the same terms as the offer

Mailbox rule

An offer is considered accepted when the acceptance letter is sent, not upon arrival

Fraudulent misrepresentation

A misrepresentation of a material fact with intent to deceive, leading to justifiable reliance and harm to the innocent party

Types of mistakes

Bilateral - when both parties make the same mistake; Unilateral - when one party makes a mistake on the contract agreement