Contracts Explained | Elements, Bilateral vs Unilateral & Promissory Estoppel (Business Law 1)

What is a contract? In this Business Law 1 lesson, we explain contracts, the Uniform Commercial Code (UCC), common law contracts, contract elements, bilateral and unilateral contracts, promissory estoppel, and quasi contracts. Understanding contract law is essential for business students, accounting students, finance students, entrepreneurs, and anyone seeking to understand how legally enforceable agreements are formed and enforced. In this video, you'll learn when the UCC applies, how courts distinguish goods from services using the predominant purpose test, and the four essential elements of an enforceable contract: mutual assent, consideration, legality, and capacity. We also discuss express versus implied contracts, bilateral versus unilateral contracts, valid, void, voidable, and unenforceable agreements, executed versus executory contracts, promissory estoppel, and quasi contracts, including restitution and unjust enrichment. Whether you're studying Business Law, preparing for an accounting or finance exam, or learning contract law for the first time, this video provides a clear foundation for understanding how courts analyze agreements and determine when promises become legally enforceable obligations. This video is for educational purposes only and is not legal advice. Viewing this video does not create an attorney-client relationship. If you need legal advice regarding a specific situation, consult a qualified attorney licensed in your jurisdiction. #businesslawlectures #businesseducation #businessmanagement #accountingstudent #accountingmajor Chapters 00:00 Introduction to Contracts 01:07 UCC vs. Common Law 05:29 Predominant Purpose Test 08:44 Contract Elements: Mutual Assent, Consideration, Legality & Capacity 13:14 Contract Elements Examples 15:17 Express vs. Implied Contracts 19:04 Bilateral vs. Unilateral Contracts 23:57 Valid, Void, Voidable & Unenforceable Contracts 30:51 Executed vs. Executory Contracts 32:37 Promissory Estoppel 36:02 Promissory Estoppel vs. Contract 38:00 Quasi Contracts & Restitution About Brian Winrow Brian Winrow is a tax attorney and educator with extensive experience in taxation, accounting, and business. He holds a J.D., LL.M. in Taxation, DBA, MAcc, and MBA and is licensed to practice before the U.S. Tax Court. Brian teaches undergraduate and graduate-level tax and accounting courses and focuses on making complex tax concepts easy to understand. He is the founder of Winrow Tax Services, where he works with individuals and businesses on a wide range of tax matters. For more information, visit Winrow Tax Services at www.winrowtax.com. Have questions? Leave them in the comments. If you are interested in becoming a client, please contact [email protected] directly rather than posting confidential information in the comments.