BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bilateral contract
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unilateral contract
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acceptance contract
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revocation of a contract
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Detailed explanation-1: -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-2: -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-3: -Unilateral Mistake makes a contract void For example-Suppose, any illiterate person gives thumbprint on any papers by mistake, then that contract formed because of thumbprint will be void.
Detailed explanation-4: -Any sales agreement, lease, or employment contract are common examples of a bilateral contract. A unilateral agreement, in contrast, requires only one party to commit to an obligation.