The Pros And Cons Of Unilateral Contracts
A contract is entering into a formal and legally binding agreement, an agreement of two or more persons or entities. In which there is a promise to do something in return for a valuable benefit known as consideration. Consideration is; something of value given by both persons to a contract that induces them to enter into an agreement to exchange mutual goods or services.
There are two types of contract, bilateral and unilateral. Unilateral contracts consist of only the promiser, meaning it requires that only one party make a promise that is open and available to anyone who performs the required action; e.g. advertisements. A bilateral contract is used during the purchasing or suppling of goods or services. There is two distinct parties involved in the bilateral contract and it requires both parties to perform an action. For the purpose of this essay only bilateral contracts will be addressed.
The Sale of Goods and Supply of Services Act, (1980) section (43.) states; In Part “contract” means a contract of sale of goods, a hire-purchase agreement, an agreement for the letting of goods to which section 38 applies or a contract for the supply of a service.
When a contract is terminated it
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