Contract Law: Unilateral contracts vs Bilateral contracts

August 12, 2023

A unilateral contract is a promise in return for an act. The person performing the act does not promise so to perform and cannot be held liable if they change their mind and do not perform. Whereas a bilateral contract is an exchange of promises, for example, a contract for the sale of goods where the seller agrees to transfer ownership of the goods to the buyer in exchange for a specified price.

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