BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A bilateral contract involves the exchange of a promise for a promise. As a general rule, to accept an offer to enter such a contract, an offeree must make the promise requested by the offer.

Detailed explanation-2: -A bilateral contract is a binding agreement between two parties where both exchange promises to perform and fulfill one side of a bargain.

Detailed explanation-3: -Traditional contract law classifies contracts into bilateral and unilateral contracts. Bilateral contracts are those involving promises made by all parties, whereas unilateral contracts involve promises made by only one of the parties.

Detailed explanation-4: -Any sales agreement is an example of a bilateral contract. A car buyer may agree to pay the seller a certain amount of money in exchange for the title to the car. The seller agrees to deliver the car title in exchange for the specified sale amount.

Detailed explanation-5: -A bilateral contract is a contract in which both parties exchange promises to perform. One party’s promise serves as consideration for the promise of the other. As a result, each party is an obligor on that party’s own promise and an obligee on the other’s promise. (