Just about every time you open your wallet to pay for something, you enter a contract. In addition, you probably enter contracts in your own life where something else other than money is exchanged.

For this assignment, think about the last few contracts that you entered or attempted to enter, and answer the following questions about that contract.

Describe the contract that you entered (or attempted to enter). Be sure to use the objective theory of contracts as well as the terms you learned in the readings, resources and lecture to describe the contract. How do you know that what you entered is a contract?

Classify the contract you described.

• Is your contract bilateral or unilateral? How do you know?
• Is your contract express or implied? How do you know?
• Is your contract formal or informal? How do you know?
• Is your contract executed or executory? How do you know?
• Is your contract valid, void, voidable or unenforceable? How do you know?