BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A unilateral contract is a contract where the offeror makes a promise in exchange for an act. [5] An offeree accepts a unilateral contract by performing the requested act. A bilateral contract is where the offeror makes a promise in return for a promise to do something in the future.

Detailed explanation-2: -If the offeror’s promise is answered with the offeree’s promise of acceptance. In other words, a bilateral contract is a “PROMISE for a PROMISE". This exchange of promises creates an enforceable contract. If the offeror’s offer can be accepted only by the performance of an act by the offeree.

Detailed explanation-3: -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-4: -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.