Types of Contracts

Please find a case as an example for each of the following subsections. Write a 4-5 sentence summary for each of the following (highlighted). Valid Contracts: an offer, acceptance, and consideration need to be present for a contract to be valid. 1. Oral Contracts: 2. Capitalism: 3. Mutual Mistake: 4. Unilateral Mistake: Void Contracts: fatally defective contract; the court does not recognize it as a contract. 1. Illegal Subject Matter: 2. Adjudicated Insane: 3. Fraud in the Execution: Voidable Contracts: contract with a potential problem; one party can get out of the contract, might be forced. 1. Minors (under 18 years of age): 2. Mental Illness: 3. Duress: - a. Physical: b. Economic: 4. Undue Influence: 5. Mutual Mistake as to Subject Matter: 6. Unilateral Mistake + Knowledge: Unenforceable: An agreement, not a contract. 1. Gifts: 2. Statute of Frauds: