Contract Types
Bilateral K
exchange of mutual promises?
Bilateral K Elements
"each party is a promissory and promisee" and "promise for a promise"
A offers to sell car to B for 1k and B promises to purchase car for 1k?
"bilateral K?"
Unilateral K
"offer requires performance as manner of acceptance"?
Unilateral K Elements
(1) offer requires performance as a manner of acceptance (K not formed until act is completed
A promises B $1 if B paints A's Fence (B is not obligated to paint A's fence, but if he does K is formed and A must pay B $1)
a "unilateral K"
Quasi-K
"not a K (a restitution remedy designed to prevent UE)
Where K damages are often limited (as justice requires--to fair value of benefits conferred)
"quasi-K"?
Not a K, but a restitution remedy designed to prevent unjust enrichment
quasi-k?
Quasi-k-(B)(R)(K)(UE)
(b)enefit; (R)easoanbly; (K)nowingly; (UE) unjust enrichment
Once performance is started you must allow reasonable time to finish
"unilateral k"
Promise for a promise
a "bilateral K?"
Unenforceable agreement (one side realized a benefit)
Quasi-K
Quasi-K elements (4 elements)(AND test)
(1) P conferred benefit to D; (2) P reasonably expects to be paid; (3) D knowingly accepted benefit; AND (4) D will be UE if P not compensated
Promise upon completion
"unilateral K?"