Unilateral and Bilateral Contracts

The video tutorial explains the differences between bilateral and unilateral contracts. A bilateral contract involves a mutual exchange of promises, such as promising to pay for a service. In contrast, a unilateral contract involves a promise in exchange for an action, where acceptance occurs upon the commencement of the action. The tutorial emphasizes the importance of understanding these concepts for contract acceptance.

What is the main difference between a bilateral contract and a unilateral contract?

Can you provide an example of a bilateral contract?

How does acceptance work in a unilateral contract?

What constitutes acceptance in the context of a unilateral contract?

Why is it important to understand the concepts of bilateral and unilateral contracts?