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Types of Contracts: Unilateral, Bilateral, Trilateral, and Multilateral

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Types of Contracts: Unilateral, Bilateral, Trilateral, and Multilateral

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Questions and Answers

If you offer a general reward for finding your lost pen, which type of contract is created?

Bilateral contract

Multilateral contract

Unilateral contract (correct)

Trilateral contract

What type of contract involves two parties making promises to each other?

Trilateral contract

Bilateral contract (correct)

Unilateral contract

Multilateral contract

In a trilateral contract, how many parties are involved in making promises?

One

More than three

Three (correct)

Two

What type of contract involves more than three parties making promises to each other?

Multilateral contract Signup and view all the answers

If you make a promise in return for a promise from another party, what type of contract are you engaged in?

Bilateral contract Signup and view all the answers

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

In unilateral contracts, only one party is bound, whereas in bilateral contracts, two parties make promises to each other. Signup and view all the answers

What distinguishes a multilateral contract from a trilateral contract?

A trilateral contract involves only two parties, whereas a multilateral contract involves more than three parties. Signup and view all the answers

What characterizes a unilateral contract?

Only one party is bound to perform, but it is still a valid contract. Signup and view all the answers

How does a bilateral contract differ from a multilateral contract?

Bilateral contracts involve only one party making promises, while multilateral contracts involve multiple parties. Signup and view all the answers

Which statement best describes the nature of trilateral contracts?

In trilateral contracts, each party makes a promise to another party involved. Signup and view all the answers