Tyler and Laura are arguing over the key difference between a bilateral and a unilateral contract. The key difference in these two types of contracts is ________.
A) the type of consideration.
B) a bilateral contract requires consideration and a unilateral does not.
C) a unilateral contract requires consideration and a bilateral does not.
D) the adequacy of consideration.
E) promissory estoppel must be present in a unilateral contract.

Question

Quizplus · Accepted Answer

The key difference between a bilateral and a unilateral contract lies in the type of consideration. In a bilateral contract, both parties make promises to each other, which serve as the consideration. In a unilateral contract, only one party makes a promise, and the other party's consideration is the performance of an act or forbearance.

Tyler and Laura Are Arguing Over the Key Difference Between