About This Chapter
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the North Carolina Real Estate Broker License: Study Guide course
- Agency Relationships
- Real Estate Contracts
- Real Property Ownership
- Land Use: Restrictions, Regulations & Government Control
- Finance & Financing in Real Estate
- Government Oversight in Real Estate
- Real Property Measurement & Valuation
- Conveyance of Real Property
- Marketing Regulations in Real Estate
- Property Management & Tenant Rights
- Real Estate Calculations
- North Carolina Real Estate License Law
- General Real Estate Topics
- North Carolina Real Estate Broker License Flashcards