BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -What’s a bilateral contract? 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-2: -A contract where the parties exchange a promise for a promise is known as a Bilateral Contract, whereas a contract where one party gives a promise and the other party performs an act is known as a Unilateral Contract. These legally enforceable promises may be in writing or oral.

Detailed explanation-3: -A bilateral contract is an agreement that binds two or more parties legally on pre-decided terms and conditions. The contract is typically in writing and requires both parties to perform the said actions. It is the most basic type of contract in the business industry.

Detailed explanation-4: -The most common types of bilateral contracts are business contracts such as sales contracts for which the buyer promises to pay the price and the seller promises to deliver the goods.

Detailed explanation-5: -Contracts can be unilateral or bilateral. In a unilateral contract, only the offeror has an obligation. The offeree is not required to complete the task or action. In a bilateral contract, both parties agree to an obligation and involve equal obligation from the offeror and the offeree.