Bilateral Essays

Bilateral and Unilateral Contracts

There are two many types of contracts in the world of business: Bilateral contracts and Unilateral contracts are two of them. Each type with its special form and rules. In the world of business, a bilateral contract” is one where both parties are to perform their promises or obligations at some future time but not necessarily at the same time”. And a unilateral contract “is one where one of the parties performs his promises at the time of making the…

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Bilateral or Unilateral Contracts

The Law of Contract can be defined as an agreement containing a promise or promises which can be enforceable by law. Sir John William Salmond a legal scholar defined a contract as “an agreement creating and defining the obligations between two or more parties”. A contract may be in any two kinds either bilateral or unilateral depending on the whether both or one party makes a promise or promises. Where both parties to the contract make a promise or promises,…

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