Section 1 Contracts
Section 2 Federal Securities Acts
Section 3 Secured Transactions
Section 4 Bankruptcy
Section 5 Debtor-Creditor Relationships
Section 6 Agency
Section 7 Regulation of Employment
Section 8 Business Structure
Section 9 Professional and Legal Responsibilities
Section 10 Individual taxation
Section 11 Corporate Taxation
Section 12 Partnership Taxation
Section 13 Transactions in Property
Section 14 Gift and Estate Tax, Trusts And Exempt Organizations, Other Taxation Topics

1.1.1 Types of Contracts

  1. Express contract– The terms are stated orally or in writing.
  2. Implied contract– Some terms may be logically inferred. Example: You sign a consulting contract with a client. Although not specifically stated, it is assumed you won’t show up drunk at the client’s premises.
  3. Executed contract– A contract which has been completed.
  4. Executory contract– An incomplete contract.
  5. Unilateral contract– One party makes a promise contingent on another party’s actions. The other party accepts or rejects based on performance or non-performance. Example: I offer you $20 to mow my lawn. If you take up my offer, I am obliged to pay you.
  6. Bilateral Contract– Each party makes a promise to do something. Example: You agree to design my company’s website for $1,000.

In many cases, a contract may be written or oral. In some cases, a written contract is required. This topic is covered later in these notes.