WEBVTT

00:00:01.247 --> 00:00:06.372
Hello, Business Law distance learning
students. One of the concepts your course

00:00:06.372 --> 00:00:12.550
materials addresses is this idea of a
bilateral contract versus a unilateral

00:00:12.550 --> 00:00:17.317
contract. Generally, when we think of a 
contract, we think of a bilateral contract,

00:00:17.317 --> 00:00:22.520
that is, I promise to do something like
cut your grass and you promise to do

00:00:22.520 --> 00:00:28.079
something in return like pay me $50.
But we can have a situation that's

00:00:28.079 --> 00:00:33.588
different than that where one person
makes a promise maybe to pay money and

00:00:33.588 --> 00:00:39.173
the option is left open to the other, uh,
party on whether to perform.

00:00:39.173 --> 00:00:45.934
So, for example, if you lose your cat and
you put a sign up that says, "Lost cat,

00:00:45.934 --> 00:00:52.958
$100 reward, return to [your address]."
Well, I might see that sign and choose to

00:00:52.958 --> 00:00:58.398
ignore it and do nothing. But if I see the
sign and then find your cat, I have

00:00:58.398 --> 00:01:03.617
performed. That is, I've accepted the
offer. So that's an enforceable contract.

00:01:03.617 --> 00:01:06.785
When you posted up that sign, 
that was the offer and I accepted by

00:01:06.785 --> 00:01:10.876
performance. That's the idea
of the unilateral contract.

00:01:10.876 --> 00:01:14.136
Give me a call or send me an email 
if you have any questions.