Legal Environment Contracts,Torts and Bankruptcy
1. Explain fully how bilateral and unilateral contracts differ and what the legal consequences are for each. Give examples.
The purpose of the law of contract is to secure the realization of reasonable expectations induced by promises, and to provide certainty and predictability in the planning of commercial ventures. It establishes and elaborate legal model to support the assurance that these objects will be achieved.
When two people exchange promises-one promise for another-they make a bilateral contract. A bilateral contract is a "promise for a promise".
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