Bilateral and Unilateral Contracts Flashcards
1
Q
Bilateral Contract
A
A bilateral contract results from an offered promise that is accepted by the giving of a return promise.
2
Q
Unilateral Contract
A
A unilateral contract results from an offered promise that must be accepted by giving the performance specified. A mere promise to perform does not constitute acceptance in such a case.
3
Q
Revocation of Offer Rule for Unilateral Contracts
A
The offeror in a unilateral contract may not revoke the offer for the time stated in the offer or, if no time is stated in the offer, then for a reasonable length of time if the offeree begins performance.
