As applied to a contract,the terms "bilateral" and "unilateral" are based on:
A) the number of parties in a contract.
B) the number of attempts made to form a contract.
C) the number of parties who make a promise in the formation of a contract.
D) the number of promises that are made in connection with a contract.
E) the number of attempts it took for a contract to be successfully performed.

Question

Quizplus · Accepted Answer

The terms "bilateral" and "unilateral" are based on the number of parties who make a promise in the formation of a contract. In a bilateral contract, both parties make promises to each other, whereas in a unilateral contract, only one party makes a promise.

As Applied to a Contract,the Terms "Bilateral" and "Unilateral" Are