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Which of the following represents the basic distinction between a bilateral contract and a unilateral contract?
a. Specific performance is available if the contract is unilateral but not if it is bilateral.
b. Rights under a bilateral contract are assignable, whereas rights under a unilateral contract are not assignable.
c. The statute of frauds applies to a bilateral contract but not to a unilateral contract.
d. Only one promise is involved in the contract is unilateral, but two are involved if it is bilateral.

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Answer:

The correct option is D: Only one promise is involved if the contract is unilateral but two if bilateral.

Explanation:

While bilateral contracts and unilateral contracts are both enforceable in a court of law, a unilateral contract has only one promise, which means that as long as someone decides to fulfill the act that the promisor demands, a contract is formed. On the other hand, a bilateral contract is on enforceable when the two parties are bound in the promise.

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