CLAW1001 Study Guide - Land Contract, Football Pools, Gijsbert Van Tienhoven
31 Jul 2015
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A simple contract may be unilateral or bilateral. > unilateral contract: under which only one party assumes an obligation. A unilateral contract is one in which the offeree accepts the offer by performing his or her side of the bargain. As the high court has explained, the consideration on the part of the offeree is completely executed by the doing of the very thing that constitutes acceptance of the offer". e. g. carlill v carbolic smoke ball co (1893) Obligations of one party (the offeree) are executed at the time of formation while the obligations of the other party (the offeror) are executory. > bilateral contract: under which both parties assume obligations and which form the vast majority of contracts. If this form is used, consideration is not required: formation of contract: offer, acceptance, consideration, intention to create legal relations, offer: expression of willingness to be bound on certain terms without further negotiation.
