Unilateral And Bilateral Contracys Flashcards
(11 cards)
What is required for a contract to exist?
One party must make an offer and the other must accept it.
What type of contract is most common?
BILATERAL contracts.
What characterizes a BILATERAL contract?
Both parties take on an obligation by promising something to each other.
What is a UNILATERAL contract?
A contract where only one party assumes an obligation.
Give an example of a UNILATERAL contract.
A promise of money for actions carried out.
How does a UNILATERAL contract differ from a BILATERAL contract?
Only one party has assumed an obligation.
What is an example of a UNILATERAL obligation?
Parents are obliged to pay if you pass your GCSEs, but you have not promised to pass.
How can a unilateral offer be made?
To the whole world, leading to multiple contracts.
How is acceptance of a UNILATERAL offer made?
By conduct.
True or False: A contract must be in writing to be legally enforceable.
False.
What types of contracts must be in writing?
Contracts for:
* Sale of land or an interest in land
* Consumer credit agreements
* Contract of employment
