BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A unilateral contract is primarily a one-sided, legally binding agreement where one party agrees to pay for a specified act. Given that unilateral agreements are one-sided, they only require a pre-arranged commitment from the offeror, unlike a bilateral agreement where a commitment is required from two or more parties.

Detailed explanation-2: -Unilateral contracts are just as binding as bilateral contracts, but only one party is making a promise. The only way to accept a unilateral contract is through the completion of a task. An offeree has no obligation to perform the act in the unilateral agreement.

Detailed explanation-3: -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.

Detailed explanation-4: -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. Typically the revocation needs to be express.

Detailed explanation-5: -’ This means breach of contract can be defined as a broken contract, stemming from failure to fulfill any term of a contract without a justifiable, lawful excuse. Common examples of broken unilateral contracts might include any situation in which the person promising the pay in exchange for a completed act refuses.