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Business & Marketing
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Topic:
Differences Between the Bilateral Contract and the Unilateral Contract
Essay Instructions:
Consider the differences between the bilateral contract and the unilateral contract. In the bilateral contract, we have the offeror willing to exchange a promise for another promise ("I promise to pay you $1500.00, if you promise to paint my house on or before Saturday."). In the unilateral contract, the offeror is insisting on performance for a promise. ("If you complete painting my house before Saturday, I will pay you $1500.00).
Why does the law make such a distinction and why would a party to a contract choose one type over another?
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Differences Between the Bilateral Contract and the Unilateral Contract
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Differences Between the Bilateral Contract and the Unilateral Contract
The bilateral and unilateral are the two common types of contract which involve entering into an agreement between individuals. A contract may be defined as an agreement that can be recognized and enforced in a court of law. Individuals engage in these types of contracts everyday. The two vary in that a bilateral contract entails an agreement between two people of parties whereby each individual or party to a particular makes a promise to the other person or party. On the other hand, one person or individual to a contract makes a promise which is especially typical in reward situations and is characterized with a precedent event to fulfilling a certain obligation or satisfying a given condition. The categorization of a contract as bilateral or unilateral “depends on what the offeree must do to accept the offer and to bind the offer or to a contract” (Paterson, 2011).
This distinction between the two laws is very important because offers remain revocable until acceptance and in a...
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