Differences Between the Bilateral Contract and the Unilateral Contract

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...