Consider an example of a contract that you formed during the past week. the purpose of this is to discover how most of us enter into contracts almost daily, often without even realizing it. If you are having trouble thinking of a contract you have entered into recently.

1) Identify the offer. Who made the offer and how did he/she make the offer?

2) Identify the acceptance. Who accepted the offer and how was it accepted?

3) Is your contract a bilateral or unilateral contract?

4) Identify the consideration for each party.

5) Is your contract an express or implied contract?

6) Is your contract an executory or executed contract?

7) Does common law or the UCC apply to your contract?