What is an agreement

Question 1

What are the 3/4 things for an agreement to exist

Answer 1

1) An agreement, fulfilled through offer and acceptance, 2) an intention to create legallly binding relationships 3) Consideration: something done in return for the promise 4) Occasionally, the contract must be in writing

Question 2

What is a bilateral contract

Answer 2

involves an exchange of promises e.g. the sale of good, the seller promises to transfer ownership and possession to the buyer, in return the buyer promises to return and pay the price and take away the items.

Question 3

What is a unilateral contract

Answer 3

There is a promise in return for an act. The person performing the act does not make a promise to do the act, so he cannot be sued if he does not do the act. E.g. a promise of a reward to find a dog.