Business Law: Law of Contract: Questions and Answers

Law of Contract: Questions and Answers Name Course Institution Date of Submission Law of Contract: Questions and Answers 9.1 Bilateral or Unilateral Contract This was a bilateral contract as both parties involved made promises to keep within the terms and conditions of the mutual understanding. Whereas the Washington’s vice president promised to loan Bickham money at 7.5% interest rate, the latter promised to do his personal banking with the banks. Bickham wins since the contract was legally binding and at the time when he was offered the loan, Adams was working ob behalf of the bank. Adams quitting the bank does not invalidate the contract and so the terms of the contract are upheld until the end of the period of the agreement (Beatty & Samuelson, 2009). 10.5 Reward James wins. Reward in any unilateral contract is legally binding and therefore there is need to ensure that once the offer is accepted, the person who promised the other actually delivers. Failure to honor such promises unless it as the arrest case where a person who is a criminal offers information for h...