Consider the differences between the bilateral contract and the unilateral contract. In the bilateral contract, we have the offeror willing to exchange a promise for another promise (“I promise to pay you $1500.00, if you promise to paint my house on or before Saturday.”). In the unilateral contract, the offeror is insisting on performance for a promise (“If you complete painting my house before Saturday, I will pay you $1500.00).

Please read the attached documents, read below and answer the following questions.

Consider the differences between the bilateral contract and the unilateral contract. In the bilateral contract, we have the offeror willing to exchange a promise for another promise (“I promise to pay you $1500.00, if you promise to paint my house on or before Saturday.”). In the unilateral contract, the offeror is insisting on performance for a promise (“If you complete painting my house before Saturday, I will pay you $1500.00).

Why does the law make such a distinction and why would a party to a contract choose one type over another?

Book reference : Ashcroft, J., & Ashcroft, J. (2014). Law for business with CourseMate access (18th ed.). Mason, Ohio: South-Western Cengage Learning.

Note: Please cite citations and references