An Offer, An Acceptance Of That Offer, And Consideration.
https://www.youtube.com/watch?v=4Uzhmp6pXw8
Video Transcribed: Isaiah Brydie, Urban Legal, coming at you again with another video. And this video is going to be all about contracts. This is going to be an ongoing subject on the page. So really what we’re going to start out with is, what do you need to form a valid contract? And that’s really, really simple.
All you need is three things, an offer, an acceptance of that offer, and consideration. Usually what we’d consider to be consideration is going to be money, but it’s really anything of value. So contrary to popular belief, and opinion, is that you can have a valid contract in the state of Oklahoma if the contract is oral. An oral contract is generally recognized as long as it meets certain criteria of being able to be performed within a year, or being valued at less than $500. But other than that you can form a valid contract by having a oral contract.
Now that’s definitely not where you want to be. With us being savvy connoisseurs of law. We really want to distill things down to a writing that memorializes the contract and its contents. Both for the protection of you and to hold the other party liable to whatever has been contracted. So with that being said, there are usually two types of contracts.
Well, technically three but we’re going to get into the third one later. So the first type of contract is going to be a contract for services. So this is what you normally would think of … Excuse me. As a contract where you say, “I want to pay you $500 to paint my house,” right? That’s a service contract. You’re paying for the service of getting your house painted.
And then there’s a contract for goods. Which a goods is going to be defined under the uniform commercial code as any movable good of value. So a good example of a contract for a good is going to be, “I promise to buy 500 potatoes from you for X price.” That is going to be a contract for the goods, the goods being the potatoes.
Now what happens when you have a contract that can fall under both of those broad definitions. Well, that’s what’s called a hybrid contract. And a hybrid contract usually has both a service element to it and a goods element to it.
So a good example of that would be the contract where you would find a mechanic and you will say to the mechanic, “Hey, I’ll hire you to install this radio into my car for X price.” Well, under that contract, are you buying the services of installing the radio? Or are you buying the radio? Ooh, good question. And 
there, when we look at that, we really have to make a determination as to what kind of contract it is.
Or what laws under which one of those contracts holds because those laws are vastly different. And enforcement can happen under one of those contracts and not happen under another one of those contracts. Need an attorney? Give us a call at (918) 323-4334
