Types of contracts

Word

Definition

Ukrainian equivalent

a unilateral contract

a contract in which only one party is obligated to perform

односторонній договір

a bilateral contract

a contract in which both parties have promised to perform

двосторонній договір

an express contract

a contract created by the explicit language of the parties

прямий договір

an implied contract

a contract that a court infers to exist from the words and conduct of the parties

неявний договір

a quasi-contract

an obligation, equivalent to a contractual obligation, created by law in the absence of a contract, to prevent unfair gain by one party at the expense of another

квазі - угода

a promissory estoppel

an estoppel that prevents a promisor from denying the existence of a promise when the promise reasonably and foreseeably relies on the promise and to his or her loss acts or fails to act and suffers an injustice that can only be avoided by enforcement of the promise

договір, який передбачає позбавлення права на заперечення відповідно до обіцянки

a detriment

injury, damage

ущерб; шкода

Contract type

Example from the video

Unilateral

Jose promises to pay George 10$ if George cleans Jose’s driveway. If and when George has cleaned the driveway, the money is owed. While Jose made a promise, George didn’t promise anything.

Bilateral

George at the same time promises to clean the driveway in return for Joseph’s promise of payment.

Express

A buyer says I want to but this laptop for 500$ and the seller responds I will sell you laptop for 500$.

Implied

When someone takes a book from a shelf in the bookstore and walks to the register. The buyer in this case doesn’t need to say that she’s buying the book and the seller doesn’t have to respond that they are selling the book.

Quasi-contract

Someone rides a bus without having paid the required fare. That person is unjustly enriched because they receive  a free service.

Promissory estoppel

Your unckle promises that if you complete a masters in finance degree  he will give you a job at his investment bank. Based on this promise you finish a masters finance, but he does not offer you the job.