1. All contracts have two sides. 2. Because transfer of value is essential to a valid contract, contracts cannot apply to the performance of personal services. 3. Contract law does not require parties to be fair, or kind, or reasonable, or to share gains or losses equitably. 4. A promisor makes a promise to a promisee. 5. Only the parties who signed the original contract can have rights with respect to that contract. 6. All contracts other than formal contracts are called informal or simple contracts without regard to whether they are oral or written. 7. Negotiable instruments are examples of formal contracts. 8. A contract is described as a contract of record when the accountant of one of the parties has made an entry of the contract in the business record of that party. 9. An express contract is one in which the agreement is shown by acts and conduct of the parties. 10. All contracts consist of agreements, but not all agreements are contracts. 11. The effect of an implied contract is not the same as the effect of an express contract. 12. A voidable contract is one that is otherwise valid but may be rejected or set aside by one of the parties. 13. An executed contract results from the complete performance by all parties of the contract 14. A unilateral contract is essentially an exchange of promises. 15. A right of first refusal imposes the duty to make the first offer to the party having the right of first refusal. 16. An option contract gives one of the parties an absolute right to enter into a second contract at a later date. 17. Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit. 18. Quasi-contractual liability generally will be imposed when the cost of performing a contract is higher than had been expected. 19. Generally, advertisements, catalog prices, and circulars are offers that can be accepted. 20. In most states, you have a right to collect a reward for an arrested criminal that you gave a tip on, even without knowing a reward had been offered. 21. A court will do its best to find the intent of parties to an agreement provided that the agreement is not too indefinite Requirement contracts and output contracts are are examples of the exception of definiteness in a contract 22. Social invitations or a marriage proposal cannot create a contract. 23. 1. All contracts have two sides. 2. Because transfer of value is essential to a valid contract, contracts cannot apply to the performance of personal services. 3. Contract law does not require parties to be fair, or kind, or reasonable, or to share gains or losses equitably. 4. A promisor makes a promise to a promisee. 5. Only the parties who signed the original contract can have rights with respect to that contract. 6. All contracts other than formal contracts are called informal or simple contracts without regard to whether they are oral or written. 7. Negotiable instruments are examples of formal contracts. 8. A contract is described as a contract of record when the accountant of one of the parties has made an entry of the contract in the business record of that party. 9. An express contract is one in which the agreement is shown by acts and conduct of the parties. 10. All contracts consist of agreements, but not all agreements are contracts. 11. The effect of an implied contract is not the same as the effect of an express contract. 12. A voidable contract is one that is otherwise valid but may be rejected or set aside by one of the parties. 13. An executed contract results from the complete performance by all parties of the contract 14. A unilateral contract is essentially an exchange of promises. 15. A right of first refusal imposes the duty to make the first offer to the party having the right of first refusal. 16. An option contract gives one of the parties an absolute right to enter into a second contract at a later date. 17. Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit. 18. Quasi-contractual liability generally will be imposed when the cost of performing a contract is higher than had been expected. 19. Generally, advertisements, catalog prices, and circulars are offers that can be accepted. 20. In most states, you have a right to collect a reward for an arrested criminal that you gave a tip on, even without knowing a reward had been offered. 21. A court will do its best to find the intent of parties to an agreement provided that the agreement is not too indefinite Requirement contracts and output contracts are are examples of the exception of definiteness in a contract 22. Social invitations or a marriage proposal cannot create a contract. 23