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Business
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| Number of pages / Number of words: |
3 / 668 |
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In a bilateral contract an agreement by which both parties exchange mutual promises each promise is regarded as sufficient consideration for the other. In a unilateral contract, an agreement by which one party makes a promise in exchange for the other's performance, the performance is consideration for the promise, while the promise is consideration for the performance...
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This is usually untrue. Most oral contracts are enforceable, but written contracts are easier to prove. Some types of contracts must be in writing, for example, contracts for the purchase or sale of any real property, contracts to pay debts of others, and contracts that require more than a year to perform...
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