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– Nelson Mandela

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Week 5-Classification of Contract

Week 5-Classification of Contract

Q FIRST LEAD DISCUSSION QUESTION: Each of you explain and give a different example of either a bilateral or a unilateral contract. SECOND LEAD DISCUSSION QUESTION: You approach me after a class session and ask a personal legal question regarding your taxes. I spend one half hour discussing it with you and giving you advice. Can I charge you a fee for this advice? Explain whether we have a contract, and if so, what type.

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For the First Post; In a Unilateral contracts, one of the either party pays to the other party for the purpose of performing a certain action. In a unilateral contract, if the first party fulfils the duty, then in such scenario, the second party to contract is obligated for making a transfer of some funds for the actions performed. Although, in a unilateral contract, the first party does not remain under any binding obligation, they only have to accomplish the tasks if they are asked to do so (Cheeseman, n.d.). Basically, unilateral contracts are considered as enforceable by contract law even though legal problems cannot develop until and unless one of the party proclaims to have completed the task they have been asked to do.