1. Characteristics of a Contract
2.01 Understanding Elements and Characteristics of a Contract

2. CHARACTERISTICS OF A CONTRACT
Valid, void, voidable, unenforceable
Express or implied
Bilateral or unilateral
Oral or written

3. Valid, Void, Voidable, Unenforceable
Valid contract
Includes all elements recognized by the courts
Legally binding
Void contract
Without legal effect
Contracts missing one or more elements
Voidable contract
One or more parties can get out of contract for some legal reason
Contract lacks genuine assent, contracts with minors
Unenforceable contract
Contract that court will not uphold, usually because of some rule of law
Statute of limitations has expired

4. Express or implied Express Implied
Contract statement that may be written or oral
Implied
Contract that comes about from the actions of the parties

5. Bilateral or Unilateral
Contains two promises
Most contracts are bilateral
Unilateral
Contains a promise by only one person to do something if, and when, the other party performs a certain act
Reward offer is most common unilateral contract

6. Oral or written Oral Written
Created by two or more people speaking to each other
Written
contract terms are written so that both parties know the exact terms
Provides proof of existence for the contract
Certain contract are required by the Statute of Frauds to be in writing