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contract law provides stability, predictability, certainty for buyers/sellers contract legally binding agreement between two or more parties who agree to perform/refrain from performing some act now or in future objective theory of contracts determines INTENT, party's intention to enter contract judged by outward/objective facts interpreted by a reasonable person to form a contract need: 1. Make an OFFER (agreement) 2. ACCEPTANCE 3. CONSIDERATION (something of value, payment, promises made) 4. contractual capacity - law recognizes them as competent parties 5. legality-legal purpose to accomplish a goal genuine assent of both parties in a form the law requires bilateral contract promise to perform "promise for a promise", exists the moment the promise is made unilateral contract accepted only after completing performance "promise for an act", exists when performed (ex: contests, lottery). PROBLEM: promisor tries revoking offer after promisee already performing but hasn't completed, even though hasn't been accepted (completed) can't revoke it formal contracts require special form/method of creation to be enforceable informal contracts all others, no special requirements, based on substance express contracts terms fully/explicitly written/stated (ex: leases) implied in fact contract conduct of party defines terms, plaintiff furnished some service/property, plaintiff expected to be paid and defendant knows or should know, defendant had chance to reject it but didn't executed contract fully performed on both sides executory contract hasn't been performed valid contract has elements necessary to entitle one party to enforce in court voidable contract valid contract but can be avoided at the option of one or both parties unenforceable contract can't enforce because legal defenses against it, valid but unenforceable by a statute or law void contract NO contract quasi contracts "implied in law"-NOT actual contracts, fictional, created by courts for EQUITY, prevent unjust enrichment-quantum meruit quantum meruit pay reasonable value of the service-describes extent of compensation owed plain meaning rule meaning taken from obvious interpretation of actual document extrinsic evidence evidence not in document itself interpretation 1. if possible will give reasonable/lawful/effective meaning to all terms, 2. seen as whole-intent, 3. words given ordinary meanings