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Mutual Manifestation of Assent, Consideration, Capacity, and Legality
Requirements for a valid contract
Two primary defenses to a contract
lack of reality of consent, non-compliance with formalities
Types of contracts
Bilateral, unilateral, express contract, implied in law
An implied in law contract is also known as a
quasi-contract
A contract that is enforceable by all parites
Valid contract
A contract that is not enforceable by any parties. It is as if the contract was never made.
Void contract
A contract that may be voided one or more parties
Voidable contract
The four requirements for a valid contract are met, but the contract is not binding because of a
statute.
Unenforceable contract
When both parties perform their expected duties in a contract
Executed contract
When part of the performance under a contract is not complete/is lacking
Executory contract
Objective nature, rules of construction, plain meaning rule, entire writing rule, meaning
of words in a contract
Rules of interpretation