| OFFER | Acceptance | Consideration | Types |
|---|---|---|---|
|
By Parties
Method of value determination
|
Simple Contract
Common Occurrence; Thoughtless Gestures
|
||
|
Consideration
Item of Value; Legally enforcable
|
Bilateral Contract
Exchange of Promises
|
||
|
Past Consideration
Not legally binding
|
Deed
Signed, Sealed and Delivered
|
||
|
Unilateral Contract
Promise to perform; You go first!
|
|||
|
Invitation to Treat
Request for offers
|
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