BSL 212 Chapter 9

What is a contract?

A binding agreement that courts will enforce

What is promissory estoppel?

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

What is quasi contract?

A legal construct that allows a court to impose an obligation on a party to prevent unjust enrichment, even though no formal contract exists.

Bilateral vs Unilateral Contracts

Bilateral contracts involve promises exchanged between two parties, while unilateral contracts involve a promise made by one party in exchange for an act by another.

Expressed vs. Implied Contracts

Expressed contracts are clearly stated in written or spoken words, while implied contracts are formed through the actions or conduct of the parties involved.

Executed vs Executory Contracts

Executed contracts are those where both parties have fulfilled their obligations, whereas executory contracts are agreements where some or all of the obligations remain to be performed.