ch 10: contract classification

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5 Terms

1
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What is a bilateral contract?

A contract involving an exchange of one promise for another promise.

2
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What's an example of bilateral contract

“If you agree to pay me $4,000 I will see you my car”

3
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What is an unilateral contract?

A contract involving the exchange of promise for an act

4
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What's an example of unilateral contract?

“If you run around the campus perimeter twice, I will pay you $100”

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Another example of unilateral contract

“If you complete my tax return by Monday, I will pay you $300”