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