Ch 2: Types of Contracts

About This Chapter

The short and engaging lessons in this chapter simplify the process of understanding types of contracts. Topics covered include unilateral and bilateral contracts, informal and formal contracts and the contract addendum.

Types of Contracts - Chapter Summary

Closely examine the wide variety of contracts you could encounter by reviewing this chapter. Lessons explore definitions of contracts and examine how they differ from one another. Benefit from clear examples that make understanding these contracts easier. Upon completion of the lessons, you will have the knowledge to:

  • Differentiate between unilateral and bilateral contracts
  • Define valid, void, voidable and unenforceable contracts
  • Provide the meaning of acceptance in contract law
  • Explain the differences between executed and executory contracts
  • Share the definition of the contract addendum
  • Compare and contrast informal and formal contracts

Enjoy the flexibility of studying types of contracts from home or anywhere you can access the Internet. Review lessons in any sequence and as often as you desire. When ready, find out how much you know about contracts by taking multiple-choice quizzes and a chapter exam. Any questions you have about lesson topics can be sent to our experts.

6 Lessons in Chapter 2: Types of Contracts
Test your knowledge with a 30-question chapter practice test
Unilateral and Bilateral Contracts: Examples & Differences

1. Unilateral and Bilateral Contracts: Examples & Differences

There are two types of contracts: a unilateral contract and a bilateral contract. The essential difference between the two is in the parties. Unilateral contracts involve only promisor while bilateral contracts involve both a promisor and a promisee.

Valid, Void, Voidable, and Unenforceable Contracts

2. Valid, Void, Voidable, and Unenforceable Contracts

There are several kinds of contracts. Some bind parties wholly, while others do not. The terms of the contract determine whether a contract can be fully executed.

What Is Acceptance in Contract Law? - Definition, Rules & Examples

3. What Is Acceptance in Contract Law? - Definition, Rules & Examples

There are essentially six elements in a contract. Once an offer is made, the next element is acceptance. Offer and acceptance combined with consideration make for the glue that creates a binding contract.

Executed vs. Executory Contracts: Definitions & Differences

4. Executed vs. Executory Contracts: Definitions & Differences

The main difference between an executed and executory contract is how quickly the contract's promise must be fulfilled. An executed contract must be satisfied immediately, while an executor contract has terms that will be fulfilled later.

What is a Contract Addendum? - Definition & Examples

5. What is a Contract Addendum? - Definition & Examples

In this lesson we will define and explain the role of a contract addendum and illustrate a few examples of how contract addenda work in real estate transactions.

Informal vs. Formal Contracts: Examples, Differences & Definitions

6. Informal vs. Formal Contracts: Examples, Differences & Definitions

The distinct difference between a formal contract and an informal contract is its enforceability in a court. An enforceable contract is one that contains certain elements, like offer, acceptance, and consideration, and is in written form. An informal contract does not contain the same elements and can be oral.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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