contract is bilateral and which one is unilateral

Please answer the yellow highlighted questions:

Question 3: done

Which contract is bilateral and which one is unilateral? Identify the promise and

identify the performance.

Contract- 1 is a bilateral contract because of the agreement that you will sell your boat

to Sabriya for $4500. Sabriya is promising to buy the boat and you are promising to

exchange the boat once you receive payment.

Contract 2 is a unilateral contract because the neighbor is being hired to paint your

house for $2,500. You promise to compensate your neighbor with currency once the

performed duty of painting your house is completed.

Tracy

Question 4:

Class – In Question 3, the first contract is a bilateral contract where Sabriya is buying

the boat. The second contract is unilateral…a promise for performance.

But lets expand on these two fact patterns a bit.

1. Under the first contract where I am offering Sabriya to by my sailboat, as the offeror,

can I dictate how acceptance of the offer can be made? What if I tell her that I need

acceptance in writing, how could Sabriya comply with making acceptance? And if she

give me $100 along with her acceptance, what would that be considered in the process

of contract formation?

2. In the second contract where I am offering my neighbor to paint my house for

payment. Lets say he tells me that his 16 year old son will do and and for me to pay

him and I agree. I pay the son 1/2 of the full amount, but he never paints the house.

Is there a problem here? There is a term for this type of contract and why is it a

problem?

Example

Hello Professor Simms,

For the first contract, yes you can dictate on how the offer can be made as it is up to the

offeree to accept these terms, for the $100 payment it could be just to make the contract

was not revocable.
The second contract would be a bit of a problem the offered would not be keep his end

of the bargain, as the contract will be on the behalf of a minor not an adult, also for the

paid service that would be a breached contract as the son did not do the work.

Additional Information:

Types of contracts:

1. Bilateral vs. Unilateral

2. Executed vs Executory – Executed contracts are contracts where all conditions are

met and fulfilled by the parties. Executory contracts are contracts that are not

completely fufilled.

3. Void and Voidable. Void contracts are not valid contracts. Voidable are contract

where one or more of the parties lack the requisite competency to contract.

4. Unenforceable contracts are contracts that are frustrated due to some operation of

law that prevents the contract’s existence.

Example :

The validity of a business transaction may rest almost entirely on the status of the

parties and on their legal capacity to create a relationship attended by legal

consequences. Accordingly, to attract legal intervention in any case, recognition as a

person, body corporate is vital, that is, the capacity to act or engage in any legal

process as a party depends upon ones status and recognition as a legal person.

Therefore, legal personality is a fundamental ingredient of capacity without such a

person cannot enter into a binding contract. In regards to the capacity to create legal

relations of legal bodies endowed with corporate personality, the nature of such

institutions is juristic person, since they are recognized by law as separate legal entities

from the natural persons who form it by virtue of their formal registration in accordance

with the law under which they are created. However, noncompliance with such

statutory requirements constitutes it as an unincorporated association which is not

regarded as a corporate legal entity. Any regulation between the various parties

ensures that the business has been standardized and that in the event of a conflict

between the parties involved, some form of remedies can be able to be sort in a court of

law or any other forum which will not be the case where a contract has not been put up.

Question 5:

Class – Are some contracts required to be in writing int their final form? Is there a

common law rule requiring some contracts to be in writing in their final form? lets look

at these contracts….

1. An employment contract for $150,000.

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