Law of Contracts
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- Bilateral Contract
- Agreement between two persons in which one party promises to deliver a performance in exchange for the performance of another
- Unilateral Contract
- Agreement in which one party makes a promise to perform an act upon the actual performance of another.
Advertisements are not contracts unless following are clearly defined: the time frame of the contract, the possible second parties.
Commercial transactions are guided by the Uniform Commercial Code.
"Unconscionable Contracts" will not be enforced, these exist when one party lacks full knowledge of the terms of the contract.
Contracts with fraud will not be enforced either. These occur when one party tricks another into signing the contract by misleading them. Note however that both parties have the responsibility to examine the terms before signing.
