AN AGREEMENT BETWEEN TWO OR MORE PARTIES WITH THE INTENTION OF CREATING CERTAIN LEGAL RIGHTS AND OBLIGATIONS AND WHICH SHALL BE ENFORCEABLE IN A COURT OF LAW
UNILATERAL CONTRACT
A PROMISE FOR AN ACT
BILATERAL CONTRACT
PROMISE FOR A PROMISE
VOID CONTRACTS
LACKS LEGAL VALIDITY AND IS UNENFORCEABLE BY EITHER PARTY (AT ANY TIME)
VOIDABLE CONTRACTS
A VALID CONTRACT THAT CONTAINS SOME DEFECT AND CAN BE MADE VOID AT ANY TIME (FROM THAT POINT ONWARDS)
EXPRESS CONTRACT
WHERE PARTIES HAVE USED SPECIFIC WORDS - WRITTEN OR ORAL
IMPLIED CONTRACT
IMPLIED FROM THE CONDUCT OF THE PARTIES (EG. RETAIL TRANSACTIONS)
INTENTION - CONTRACTS
THE PARTIES MUST INTEND THAT THEIR PROMISES CREATE LEGALLY ENFORCEABLE OBLIGATIONS
AGREEMENT - CONTRACTS
THERE MUST BE AN OFFER BY ONE PARTY AND AN ACCEPTANCE, OR SOME EVIDENCE OF FINAL AGREEMENT, BY THE OTHER
CONSIDERATION - CONTRACTS
THERE MUST BE SOMETHING OF VALUE PASSING FROM ONE PARTY TO ANOTHER IN RETURN FOR A PROMISE TO DO SOMETHING (UNLESS AGREEMENT IS MADE UNDER SEAL).
WHAT EFFECT DO COUNTER-OFFERS HAVE ON THE ORIGINAL OFFER?
TERMINATE ORIGINAL OFFER
ACCORDING TO POSTAL RULE, WHEN IS AN OFFER AND WHEN IS AN ACCEPTANCE?
OFFER - WHEN OFFEREE RECEIVES OFFER BY MAIL
ACCEPTANCE - WHEN OFFEREE POSTS ACCEPTANCE BY MAIL