Both parties are bound on the exchange of promises, although there has yet to be any performance of those promises.
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An example of a Bilateral agreement?
Alex offers (or promises) to sell his bicycle to Becky for £150 and Becky accepts, thereby promising to pay £150
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What are Unilateral agreements ?
Consists of a promise in exchange for an act. It follows that only one party is bound at the outset by a promise. The other's acceptance is the performance of the requested act.
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What is an offer?
A definite promise to be bound
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What is an invitation to treat?
An invitation to others to make offers as part of the negotiating process
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Other cards in this set
Card 2
Front
What are Bilateral agreements ?
Back
Both parties are bound on the exchange of promises, although there has yet to be any performance of those promises.
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