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Unit 3 Individual Project Contracts and Privacy Issues - Contracts

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American Intercontinental University
Unit 3 Individual Project Contracts and Privacy Issues - Contracts
BUSN150 – Legal and Ethical Environment of Business
Professor Eric Baime

June 30, 2013

Contracts and Privacy Issues - Contracts 1. What is the difference between an express and an implied contract? A unilateral and a bilateral contract? A contract that is void or voidable? 2. What elements must be in place for formation of a contract? 3. What are three examples of valid consideration?
Abstract
In this paper the reader will be able to know the different between express and implied contract, unilateral and bilateral contract, and contract that is void or voidable. You will also know the elements you must place for formation of a contract. In conclusion three examples of valid consideration will be given.
Introduction
What is a contract? Contract a promise or set of promises for reach of which the law gives a remedy, or performance of which the law in ways recognizes as a duty. Contracts are like a set of voluntary promises that the law will enforce for private parties. There are many different types of contracts, and there are differences between the contracts. Explanation of the different types of contracts will be identified below.
Differences
Contracts are sometimes referred to as express or implied. Implied contract is agreement that is formed by nature of the conduct or behavior of a party, rather than words (contract.uslegal.com). Basically in order for this contract to be enforcing legally, and offer has to be made by one party, and acceptance by the other party with a good delivery. This is formed at least in part by the parties conduct.
Express contract is almost like implied contract except this contract neither are written down or signed in a legal format (contract.uslegal.com). Once proven an express term is generally binding

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