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Contrasting a Bilateral Contract and a Unilateral Contract

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Just need to understand what distinguishes a Bilateral contract from a Unilateral contract. Would appreciate any insight in this issue please.

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This job suggests what distinguishes a Bilateral contract from a Unilateral contract.

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Bilateral Contracts - an exchange of promises on both sides. each person is a promisee and promisor. Normally one person is a offeror and another is an acceptor. Both parties exchange PROMISES. Acceptance is made at the time party 2 accepts party 1 promise in exchange for a promise of thier own. "I will pay you #5 to pay my lawn and you promise to mow it by Friday."

Unilateral Contracts - is formed when one party offers to PERFORM, and invites a performance - not a promise. The 2nd party can only accept by performing. "I will pay you $5 to mow my grass" 2nd party can only accpet by mowing the ...

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