Oscar De La Hoya
BUS311: Business Law I
May 2, 2013
When it comes the laws of business there are a broad range of categories and topics. A topic that we would find when studying business law is contracts. “A contract is a legally enforceable agreement between two or more people.” (Rogers, 2012) In the world we live in learning about contract laws is very vital when entering into one. We must be aware that there is more than just on type of contract and there are several steps that both parties must follow before any contract can be legal.
There are several types of contracts that individuals can enter. These types are expressed, implied, bilateral, unilateral, simple, formal and quasi contracts. An express contract are “formed by the express language of the parties—the actual words they use in their agreement—and can be either written or oral.” (Rogers, 2012) This type of contract does not have to be in writing. An expressed contract contains the offer, acceptance and consideration elements of a contract. Express contracts are usually compared to implied contracts. Implied contacts are “formed not by the express words of the parties, but rather by their actions.” (Rogers, 2012) With this type of contract the agreement is implied by actions. There are no expressed words within an implied contract. It can be either implied in fact or in law. If a contract will result in inequity or harm it will not be implied. If there is any doubt or discrepancy exists, then the court might not conclude a contractual relationship. If an implication arises that they have jointly assented to a new contract that contains the same requirements as the old agreement. Another type of contract is a bilateral contract. A bilateral contract is a” reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other party's act” (BusinessDictionary.com). When entering into a bilateral contract there is a joint agreement among the two parties that entails the performance of an act. The promise made by one party constitutes sufficient consideration for the promise made by the other party. It is a common contract because we enter into a bilateral contract everything we make a purchase, order or receive any kind of treatment. Bilateral contracts are compared to unilateral contract. Unilateral contract are agreements that deal with a promise that is made by only one person involved in the contract. This agreement is when there is an exchange for the performance or non-performance of an act by the other party. Only one of the contracting parties can be enforced to comply with contract. This type of contract is one-sided because only the offeror is legally bound in complying with the terms of the contract. The offeree can comply or refrain from performing the act, but he or she cannot be sued if they do not comply. If you accept an offer from a unilateral contract it cannot be achieved by making another agreement only by performance or non-performance of some particular act. An offer can be revoked until the act has been performed or there was no act completed and the date has passed. The following contract is called a simple contract. It is in no way a lawfully recorded or legitimately sealed contract, but breeches are still frequently ruled on by a judge. It “is any oral or written contract that is not required to follow a specific form, or be signed, witnessed, or sealed.” (Rogers, 2012). They are not necessarily formalized contracts and do not entail court proceedings in order to make them binding. They are simply an agreement that is among the parties involved. They are usually compared to formal contracts. Formal contract are “a written agreement between two parties that are considered to be legally binding and enforced my law” (Laws.com). They must be in writing, signed and seal by all...
References: Lewinsohn, J. L. (1914). Contract Distinguished From Quasi Contract. California Law Review,
Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc.
Smith, C. A. (2012). Contracts. http://www.west.net/~smith/contracts.htm Information regarding elements of a contract and remedies for breach.
Undefined. (n.d.). Bilateral Contract. In BusinessDictionary.com. Retrieved May 2, 2014, from
Undefined. (n.d.). Know the types of Formal Contract. In Laws.com. Retrieved May 2, 2014,
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