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Characteristics of a Contract

Characteristics of a Contract. 2.01 Understanding Elements and Characteristics of a Contract. CHARACTERISTICS OF A CONTRACT. Valid, void, voidable, unenforceable Express or implied Bilateral or unilateral Oral or written. Valid, Void, Voidable, Unenforceable. Valid contract

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Characteristics of a Contract

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  1. Characteristics of a Contract 2.01 Understanding Elements and Characteristics of a Contract

  2. CHARACTERISTICS OF A CONTRACT • Valid, void, voidable, unenforceable • Express or implied • Bilateral or unilateral • Oral or written

  3. Valid, Void, Voidable, Unenforceable • Valid contract • Includes all elements recognized by the courts • Legally binding • Void contract • Without legal effect • Contracts missing one or more elements • Voidable contract • One or more parties can get out of contract for some legal reason • Contract lacks genuine assent, contracts with minors • Unenforceable contract • Contract that court will not uphold, usually because of some rule of law • Statute of limitations has expired

  4. Express or implied • Express • Contract statement that may be written or oral • Implied • Contract that comes about from the actions of the parties

  5. Bilateral or Unilateral • Bilateral • Contains two promises • Most contracts are bilateral • Unilateral • Contains a promise by only one person to do something if, and when, the other party performs a certain act • Reward offer is most common unilateral contract

  6. Oral or written • Oral • Created by two or more people speaking to each other • Written • contract terms are written so that both parties know the exact terms • Provides proof of existence for the contract • Certain contract are required by the Statute of Frauds to be in writing

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