BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Overview. In a unilateral contract, there is an express offer that payment is made only by a party’s performance. Another example of a unilateral contract is a reward or a contest. In a unilateral contract, the offeror may revoke the offer before the offeree’s performance begins.

Detailed explanation-2: -A “unilateral” contract is distinguished from a “bilateral” contract, which is an exchange of one promise for another. Example of a unilateral contract: “I will pay you $1, 000 if you bring my car from Cleveland to San Francisco.” Bringing the car is acceptance. The difference is normally only of academic interest.

Detailed explanation-3: -One example of a unilateral contract is where an offeror puts up a reward sign for their lost dog. If someone sees the sign and wants the reward, they can only get the reward if they find the dog. It’s not enough for the person to promise to find or to look for it-the person must find the dog to earn the reward money.

Detailed explanation-4: -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-5: -There are two types of unilateral contracts, which are known as unilateral insurance and open requests.