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: -bilateral contracts is the number of parties involved. Unilateral contracts rely on only one party to create a contract or promise for a specified or general group of people. On the other hand, bilateral contracts need at least two parties to negotiate, agree, and act upon a promise.

Detailed explanation-3: -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.

Detailed explanation-4: -A bilateral contract contains set agreements and promises between two parties whereas, in a unilateral contract, there are no promises between parties. Instead, the offeror requires that the offeree perform an act, meet a request, or provide a service.