BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Bilateral Contract
|
|
|
Multilateral Contract
|
|
|
Unilateral Contract
|
|
|
None of these
|
Detailed explanation-1: -Unilateral contracts are contracts which are created by an offer which can only be accepted by performance. In order to form a unilateral contract, the party who is making the offer, known as the offeror, makes a promise in exchange for performance by the other party.
Detailed explanation-2: -A unilateral contract is a contract created by an offer than can only be accepted by performance.
Detailed explanation-3: -Acceptance of a unilateral contract happens when the offeree performs their part of the contract. It’s not enough for the offeree to begin to perform-the offeree must complete the required performance.
Detailed explanation-4: -Related to Unilateral Contract: conditional contract, aleatory contract, Express contract.
Detailed explanation-5: -What Is a Unilateral Contract? 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.