Bilatracts And Unilateral Contracts

A contract is a written or expressed agreement between two or more parties to perform a service, provide a product or commit an act for a valuable benefit known as consideration and is enforceable by law. The agreement will create rights and obligations that may be enforced in the court. There are several types of contracts, and each have specific terms and conditions. We perform contracts every time and everywhere without knowing we are into it for example buying and selling of goods from a supermarket, taking a bus etc. For a contract to be made there must be an offer, offeree and offeror. An offer is a proposal to contract which is accepted completes a contract. An Offeror is the maker of an offer while an offeree receives the offers made by an offeror.
There are many types of contracts but the main are Bilateral Contracts and Unilateral Contracts. A Bilateral contract is a contract in which both party takes on an obligation, usually by promising each other something. E.g if you buy a used laptop for 700 Euros, you have entered into a bi-lateral contract with the person selling the Laptop. The seller promised that he will not sell the laptop to another person than you while you promise to pay the 700 Euros for the laptop. Here two promises have been made; the seller promise to sell and your promise to buy. While

An addressed to the general public and are accepted when the offer is acted upon by a member of the general public. Advertisements for unilateral contracts are generally treated as offers in Carlill v Carbolic Smoke Ball Co (1893) an offer was made through an advertisement stating that if anyone used their smoke ball for a specified time and still caught flue they would pay the person 100 Euros. It was held by the court of appeal that Mrs Carlill was entitle to the reward as the advert constituted an offer of a unilateral contract which she had accepted b performing the condition stated in the