BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bilateral
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Unilateral
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Multilateral
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Sales
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Detailed explanation-1: -In a bilateral contract, two parties each promise to perform an act in exchange for something else. It is the most prevalent type of contract.
Detailed explanation-2: -As noted, a bilateral contract by definition has reciprocal obligations. That makes it distinct from a unilateral contract. In a unilateral contract, one party is obligated to fulfill its obligation only if and when the other party completes a specified task.
Detailed explanation-3: -Reciprocal promise to do things legal, and also other things illegal.-Where persons reciprocally promise, firstly to do certain things which are legal, and secondly, under specified circumstances, to do certain other things which are illegal, the first set of promises is a contract, but the second is a void agreement.
Detailed explanation-4: -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-5: -Definition(s): An agreement that allows two organizations to back up each other.