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Hello, Business Law distance learning
students. One of the concepts your course
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materials addresses is this idea of a
bilateral contract versus a unilateral
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contract. Generally, when we think of a
contract, we think of a bilateral contract,
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that is, I promise to do something like
cut your grass and you promise to do
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something in return like pay me $50.
But we can have a situation that's
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different than that where one person
makes a promise maybe to pay money and
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the option is left open to the other, uh,
party on whether to perform.
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So, for example, if you lose your cat and
you put a sign up that says, "Lost cat,
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$100 reward, return to [your address]."
Well, I might see that sign and choose to
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ignore it and do nothing. But if I see the
sign and then find your cat, I have
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performed. That is, I've accepted the
offer. So that's an enforceable contract.
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When you posted up that sign,
that was the offer and I accepted by
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performance. That's the idea
of the unilateral contract.
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Give me a call or send me an email
if you have any questions.
