Contracts (C2): Types of K's

Contract Types

100

Bilateral K

exchange of mutual promises?

200

Unilateral K

"offer requires performance as manner of acceptance"?

300

Quasi-K

"not a K (a restitution remedy designed to prevent UE)

400

Quasi-k-(B)(R)(K)(UE)

(b)enefit; (R)easoanbly; (K)nowingly; (UE) unjust enrichment

500

Unenforceable agreement (one side realized a benefit)

Quasi-K

K Type Elements

100

Bilateral K Elements

"each party is a promissory and promisee" and "promise for a promise"

200

Unilateral K Elements

(1) offer requires performance as a manner of acceptance (K not formed until act is completed

300

Where K damages are often limited (as justice requires--to fair value of benefits conferred)

"quasi-K"?

400

Once performance is started you must allow reasonable time to finish

"unilateral k"

500

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

Name the K type

100

A offers to sell car to B for 1k and B promises to purchase car for 1k? 

"bilateral K?"

200

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"

300

Not a K, but a restitution remedy designed to prevent unjust enrichment

quasi-k?

400

Promise for a promise

a "bilateral K?"

500

Promise upon completion

 "unilateral K?"