Common Contracts
1 similar Contract Formation contracts
Types of contracts:Contract Formation • November 20th, 2024
Unilateral Contracts “This is a potential unilateral contract/agreement, as only P has a duty to perform…”Formed by the exchange of a promise for requested conduct (Carlill)> Same conduct constitutes acceptance and performance by the offeree.> At the time of formation, only the party making the promise has outstanding obligations. Bilateral Contracts “Here, this is a bilateral contract/agreement, as both parties have obligations to perform…”Contract formed by the exchange of promises. Acceptance and performance are two separate events.At time of formation, both parties have outstanding obligations to perform.
