As applied to a contract,the terms "bilateral" and "unilateral" are based on ________.
A) the goods or services involved in the contract
B) the number of attempts made to form a contract
C) the number of parties who make a promise in the formation of a contract
D) the number of attempts it took for a contract to be successfully performed

Question

Quizplus · Accepted Answer

The terms "bilateral" and "unilateral" refer to the number of parties who make a promise in the formation of a contract. A bilateral contract involves two parties who make mutual promises to each other, while a unilateral contract involves one party making a promise to the other party in exchange for some specified action or conduct. The other choices are not relevant to the classification of a contract as bilateral or unilateral.

As Applied to a Contract,the Terms "Bilateral" and "Unilateral" Are