BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A unilateral contract is not an exchange of promises, but rather one party, known as the offeror, makes a promise (usually to make payment) in exchange for a specified act by another party. The offeree enters into the contract and accepts the offer, by the act.

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: -What is a Unilateral Contract? A unilateral contract is primarily a one-sided, legally binding agreement where one party agrees to pay for a specified act.

Detailed explanation-4: -An example of a unilateral contract is an insurance policy contract, which is usually partially unilateral. In a unilateral contract, the offeror is the only party with a contractual obligation. A unilateral contract is distinguished from the more common bilateral contract.

Detailed explanation-5: -Elements of unilateral contracts 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. Yet the offeree has no obligation to perform that act.