Know how a contract is defined.

Know the rules of contract interpretation (you look at the terms of the contract objectively, once it is entered into).

Know the difference between an executory contract and an executed contract.

Know the difference between an express contract and an implied contract (both implied in fact (determined by the conduct of the parties) and implied in law (quasi contract)) and how they are created.

Know the difference between a unilateral (promise in exchange for performance of an act and a bilateral contract (a promise in exchange for a promise).

Know what constitutes a valid offer (contractual intent, reasonably definite, and actually communicated as an offer).