Question

what is the difference between an offer for a unilateral contract and an offer for a bilateral contract? why might the difference be important to understand?

Answer 1

Difference between an offer for the unilateral contract and an offer for bilateral contract are as follows-

In the offer for the unilateral contract, one party is offering to act whereas, the another party will be having no obligation to act or to pay.

In the offer for bilateral contract, both the parties are offering to act whereas both the parties will be having the payment obligation or performance obligation.

offer for bilateral contract is offering for an upfront payment between both the parties whereas offer for unilateral contract is related to promise by one party to pay the other party and the same party is also offering the contact.