Distinguish between: (a) express and implied contracts; (b) executed and executory contracts; and (c) bilateral and unilateral contracts
(a) A contract in which the parties manifest assent in words, either oral or written, is called an express contract; a contract formed by conduct is an implied contract. Implied contracts are also called implied in fact contracts. The difference between express and implied contracts is in the manner in which the parties manifest assent. Both are genuine contracts and are equally enforceable. (b) A contract that has been fully carried out by all of the parties is an executed contract. The term executory contract applies to contracts that are still partially or entirely unperformed by one or more of the parties. (c) When a contract is formed by the exchange of promises, each party is under a duty to the other. Each party is both a promisor (the party making a promise) and a promisee (the party to whom a promise is made). This is referred to as a bilateral contract. A unilateral contract occurs when only one of the parties has made a promise and the other party must perform an act or forbear from acting to form the contract. A unilateral contract is formed when the promisee performs the act or makes the requested forbearance.
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