Bilateral Contract and Unilateral Contract Term Paper

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It is very important to know the distinction between the two because both types have different set of operations in most countries. The implications, rights and enforcement vary between the types. ("Contract Basics," 2008)

Unilateral contract is offers made by one person against whom that offer is binding but is not binding on persons to whom it is offered. For example 'Car for sale - price $7,000" is a unilateral offer and if someone says I like the car, but does not pay or do anything to signify a purchase, there is no obligation on him. But if the agreement is more elaborate - like a reciprocal offer or promise to buy the car at that price another day - "I will pay cash and buy it on Monday" is a bilateral contract. ("Contract Basics," 2008) in the first case there was a single offer - sale of a car. In the second case there were two sets of promises, to sell the car and to buy it. In the second case both the parties are bound by the contract.

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This is the difference between both the types of contracts. The important distinction between a unilateral and bilateral contract is that a unilateral contract can exist or the offer can be accepted only by action and a bilateral contract only by a counter promise. ("About Contracts, n. d.) a. Why does the law make such a distinction between the bilateral contract and unilateral contract?

The legal distinction between the unilateral and bilateral contract or offer lies in the difference that in a bilateral contract there are two sets of promises one made.....

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