Bilateral contract - a promise made in exchange for another promise (both partie s) Unilateral contract - one party makes

a promise that the other party can only ac cept by doing somehting express contract - an agreement with all important terms explicitly stated implied contract - the words and conduts of the parties indicte that they intend ed an agreementex executory contract - when one or more parties has not fulfilled its obligations executed contract - all parties have fulfilled obligations. valid contract - satisfies the law's requirements unenforceable agreement - some rule of law prevents it..... voidable contract - an agreement that can be terminated by one party void agreement - neither party can enforce it because it may be illegal quasi-contract - possible remedy(reward) for an injured plaintiff in the event o f no vali contract * an illusory promise is not consideration * past consideration is no consideration * a promise to do something the promisor is already obligated to do is no consid eration liquidated debt - there is no dispute about the amount owed unliquidated debt - disputed because parties disagree over existence or amount * a gambling contract is illegal unless specifically authorized by the state sta tute *anyone taking out insurance policy on someone else's life must have insurable i nterest in that person *when a licensing requirement is designed to protect the public, any contract ma de by an unlicensed worker is uneforceable *when a licensing requirement is designed to raise revenue, a contract made by a n unlicensed person is enforceable *usury laws prohibit charging excess interest on loans ANCILLARY - noncompete agreement must be part of larger agreement *reasonable is time, geographic area, and scope of activity exculpatory clause - a provision that attempts to release one party from liabili ty in the event the other is injured NOT ENFORCEABLE WHEN IT ATTEMPTS TO EXCLUDE AN INTENTIONAL TORT OR GROSS NEGLIGE NCE bailment - giving possession and control of personal property to another person oppression - one party uses its superior power to force a contract on the weaker party *capacity is the legal ability to enter into a contract a voidable contract is legal, but permits one party to escape (minor)