timmons promise to pay carl $500 to come to his house to fix his computer's hard drive that crashed. carl comes over and fixes the hard drive. this is what type of a contract? a unilateral contract a bilateral contract an implied contract a contract not supported by consideration an invalid contract

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amandaaugust2985 amandaaugust2985

25-10-2022
Business

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timmons promise to pay carl $500 to come to his house to fix his computer's hard drive that crashed. carl comes over and fixes the hard drive. this is what type of a contract? a unilateral contract a bilateral contract an implied contract a contract not supported by consideration an invalid contract

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MonikaNandal MonikaNandal · Answer 1 · 2022-10-29T13:15:28+02:00

A promisor may swap their promise for consideration in the form of a promise, performance, or forbearance. A contract's main component is consideration.

A contract cannot be enforced without reciprocal regard from both parties.

An instance where an implied contract exists?

An implied contract is made, for instance, if a customer visits a restaurant and places an order for food. The consumer is compelled to pay the prices mentioned on the menu for the meal, and the restaurant owner is obligated to serve it. The actions of the parties in the past may also result in an implied contract.

Which best illustrates how a bilateral contract and a unilateral contract differ?

An obligation is agreed upon by both parties in a bilateral contract. In bilateral agreements, the offeror and the offeree frequently make equal commitments. In general, a reciprocal commitment from both parties is the key distinction between unilateral and bilateral contracts.

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