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Three Elements of a Contract; bilateral and unilateral

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What are the three elements to a contract? What is the difference between a bilateral and a unilateral contract?

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Solution Summary

The cited solution lists the three common elements of a contract, and explains the difference between bilateral and unilateral contracts with examples.

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Sometimes the list is longer than three because it is subdivided (offer and acceptance are 2 elements), but the basics are:

1. Agreement including an offer and an acceptance
2. Consideration ...

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