BUS 415 Week 3 - DQ 2 - 7469

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Wk3 dq 2…Define and differentiate unilateral and bilateral contracts. What are the types of contracts you are involved with personally and professionally? What factors do you think should be considered when trying to differentiate between a contract or a gratuitous promise?

A bilateral contract is one where the person making the offer is met with a promise from the offeree to deliver. As an example, if someone says to you, "If you agree to print my Childs picture by Christmas, I will pay you $200.00" and you agree, that is a bilateral contract. A unilateral contract is one in which the offeror is bargaining for a completed performance. For example an offer of a reward to catch an escapee is an offer that looks towards the formation of a unilateral contract. The difference between bilateral and unilateral contracts is instead a husband says, "If you print my child’s pictures by Christmas I will give you $200.00" that is a unilateral contract because fulfillment is the action itself. In this second case, if you get a better offer, you can’t get sued for damages if you don't deliver. In the first he can. In either case as the photographer, if you do finish the pictures in time and the photographer doesn’t get paid, then at that time he can sue for damages. Currently I am involved with a lease contract on my automobile. Professionally I’m not involved in a contract. Some factors to consider when trying to differentiate a contract or a contract is that a gratuitous promise can be revoked at any time without legal penalty as there was no exchange of consideration. A contract doesn’t work that way.

 

 

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Wk3 dq 2…Define and differentiate unilateral and bilateral contracts. What are the types of contracts you are involved with personally and professionally? What factors do you think should be considered when trying to differentiate between a contract or a gratuitous promise?

A bilateral contract is one where the person making the