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Contract law concerns the legal principles goveming the exchange of goods or services between individuals or businesses.The common characteristic between unilateral and bilateral contracts is that it catails a promise of performance and a demand from the offerce.Contracts are divided into unilateral and bilateral agreements based upon the duty of performance and how an offer to contract is accepted.Specifically, one party makes a promise to another party that she will do something (or forgo doing something) in exchange for the other party's promise to do something (ur promise la forga dong something).
Contract law concerns the legal principles goveming the exchange of goods or services between individuals or businesses. Contracts are divided into unilateral and bilateral agreements based upon the duty of performance and how an offer to contract is accepted.
A bilateral contract consists of two promises between individuals that form a contract. Specifically, one party makes a promise to another party that she will do something (or forgo doing something) in exchange for the other party's promise to do something (ur promise la forga dong something). Example: Ali promises to wash Armina's car if she promises to pay him $20.
A Unilateral contract is an agreement with only one promisc. That is, one party promises a future action if the other party performs whatever is requested of her. The promising party does not want a relurn promise. Fixample: Suppose Alitells Armina that he will pay her S20 if she washes his car.
The common characteristic between unilateral and bilateral contracts is that it catails a promise of performance and a demand from the offerce. This is critical to the requirement that a contract contain an offer, acceptance, and exchange of value.
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