Describe the differences between a bilateral contract and a unilateral contract. Describe the difference between an executed and an executory contract. Define and illustrate the legal effects of valid, void, voidable and unenforceable contracts. List the essential elements of a valid contract.
Define time is of the essence as it pertains to the performance of a contract.
Distinguish between the assignment and the novation of a contract. Name and describe the ways a contract can be discharged. List and describe the rights of the seller and the buyer in the event of a default by either one of the parties. Discuss the concept of a statute of limitations and cite examples. List the information needed for a sales contract.