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    Definitions of contract terms

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    With regard to these four videos on contract terms, unilateral & bilateral contracts, termination of offers, and the Mailbox Rule, I have some questions as to the following:

    1) What would be the main thesis of each of the videos with regard to the concepts and how they can be comprehended by the public?

    2) How does each of these concepts function in the process of forming and enforcing a contract?

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    Solution Preview

    Contract (Video 1)

    A contract is a written or expresses agreement between two parties to provide a product or service.
    6 elements: Offer, Acceptance, Consideration, Capacity, Intent of both parties, Legal terms and conditions

    Express contract - the most common type of contract; all elements are specifically stated

    Implied in-fact - mutual agreement and intent, surrounding circumstances, no expressed terms of the agreement ex. Ordering and paying for food at a restaurant

    Implied in-law - elements not specifically stated written or expressed but is still enforceable because product or service was actually provided; elements: unjust enrichment, one party impoverished, no justification for enrichment, no ...

    Solution Summary

    A definition of contract terms are provided. A main thesis of each of the videos are discussed.