formation of a contract

• what is a contract

  an agreement the courts will enforce
• are there formal requirements

  no
• how many elements are needed for a contract to exist

  4
• what are the 4 elements of a contract


  1. a definite promise to be legally bound

  2. unconditional assent to all terms of the offer

  3. price one party pays for the others promise

  4. courts must be satisfied parties intended to be bound
• 2 types of contracts

  unilateral

  bilateral
• unilateral contracts


  offeror makes promise in exchange for an act by other party (offeree)
• bilateral contracts


  reciprocal arrangement between parties by which each promises to perform an act in exchange for the other parties act