BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A unilateral contract is a one-sided contract agreement in which an offeror promises to pay only after the completion of a task by the offeree. In this type of agreement, the offeror is the only party with a contractual obligation.

Detailed explanation-2: -What is a unilateral contract, anyway? A unilateral contract-unlike the more common bilateral contract-is a type of agreement where one party (sometimes called the offeror) makes an offer to a person, organization, or the general public.

Detailed explanation-3: -A bilateral contract consists of two promises between individuals that form a contract. Specifically, one party makes a promise to another party that she will do something (or forgo doing something) in exchange for the other party’s promise to do something (or promise to forgo doing something).

Detailed explanation-4: -Unilateral contracts are where one party, the offeror, makes an offer. It could be an offer to the general public or to a specific person. This type of contract isn’t made by a promise; instead, it requires the offeree-someone who has agreed to act pursuant to the contract-to perform an act that the offeror requests.

Detailed explanation-5: -Business professionals primarily use two types of contracts-unilateral contracts and bilateral contracts. Unilateral contracts involve one party making a promise to a general group of people. Bilateral contracts need at least two parties to negotiate and act upon a promise.