Contracts and Privacy Issues

Abstract

This paper will discuss the differences between different contracts; express and implied, unilateral and bilateral as well as void or voidable. It will also discuss the elements that have to be in place for the formation of the contract, while providing three examples of valid consideration.

Contracts and Privacy Issues

What is the difference between an express and an implied contract?

An express contract is a contract in which the terms are clearly stated orally or written ( Editorial Board, 2012). A parole contract would be an example because it is based on the statement of the party and or what is in the contract, even an apartment lease would fall under this law. An implied contract is when terms are not clearly stated ( Editorial Board, 2012). People enter in this type of agreement every day, without even be acknowledged. An example would be if Shelia cleans Tammy's house and then sends her a check for $100 or when you use your credit cards. (Laws.com, 2012).

A unilateral contract is when someone (offeror) makes a promise for doing something and the other person (offeree) accepts the offer by doing something ( Editorial Board, 2012). For instance, offering a reward for finding my lost dog. Unilateral contracts are often said to be one-sided, in this instance, your car insurance policy. You meet the terms by paying the premium, the insurance company guarantee they will take care of you if something happens, within the terms of the policy, but by paying on time and nothing happens, the insurance company may or may not have to perform. A bilateral contract is where both parties have obligations ( Editorial Board, 2012). Business transactions/sales agreements can be considered bilateral because both parties have obligations. An example is Starbuck (vendor) agrees to provide its products (coffee), and the customer agrees to pay for said product.

A void contract is one in which it cannot enforced, meaning it did not meet the requirements to be valid under law, nonexistence. There are many reasons why a contract would be void in the eyes of the court; an agreement in which the terms are uncertain, not clarified with their intent or one that does physical harm to another ( Editorial Board, 2012). An example would be when a wife (me) hires someone to kill her husband; murder for hire. I would hire someone pay and then pay him say $50 thousand to kill my husband, in advance, but then the hired gunman doesn't kill my husband, I can't get my money back or take him to court since this type of contract is not legal anyway. A valid contract is when the terms of the contract have been met and therefore enforceable. For instance, one party made an offer, the other accepted, each understands the agreement, its legal, and both have the capacity to adhere