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Unilateral contract and bilateral contract

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Reference no: EM133352906

Questions

1. Choose the correct statement regarding acceptance and explain your answer:

a) Acceptance is usually only effective once it has been communicated to the offeror, but according to the postal acceptance rule, acceptance by post is an exception.

b) Acceptance can be given by any means of communication, regardless of the offeror's instructions.

c) Acceptance can be effective regardless of a person's knowledge of the offer, as long as they have done the acts specified in the offer.

d) All offers can be accepted by anyone in the world.

2. Choose the correct statement regarding consideration and explain your answer:

a) Consideration need not be something of value.

b) Compromises only involve consideration if both parties are giving something.

c) Consideration needs to be provided by both sides in order for the doctrine of promissory estoppel to apply.

d) An illusory promise can still be consideration, because the exchange need not be equal.

3. What is the doctrine 'Privity of Contract' and what are its exceptions?

4. What is the difference between a unilateral contract and a bilateral contract?

Reference no: EM133352906

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