REWARD OFFERS

Question 1

what is a reward?

Answer 1

A REWARD is an unusual kind of offer. Can only be accepted by actual performance
(not by a promise to perform).

Question 2

what is required of acceptance?

Answer 2

Acceptance of a reward offer requires that the offeree:
1. Have knowledge of the reward prior to acceptance AND
2. Perform the task for which the reward is offered

Question 3

a reward is an example of what?

Answer 3

A reward is an example of an offer to enter into a unilateral contract

Question 4

Unilateral contract

Answer 4

In a unilateral contract, one party makes a promise that the other party can accept
only by doing something (not by promising to do it).

Question 5

bilateral contract

Answer 5

Contrast: A bilateral contract is formed when both parties make a promise to
perform.