Select the statement that describes how bilateral and unilateral contracts are alike and different. Both contract types involve two parties. But in bilateral contracts, both parties make a promise; in unilateral contracts, only one party does. Both are valid contract classifications, but only bilateral contracts involve two parties. Both are valid contract classifications, but only unilateral contracts involve two parties. Both contract classifications involve two promises, but only bilateral contracts involve two parties.

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Select the statement that describes how bilateral and
unilateral contracts are alike and different.
Both contract types involve two parties. But in bilateral contracts,
both parties make a promise; in unilateral contracts, only one party
does.
Both are valid contract classifications, but only bilateral contracts
involve two parties.
Both are valid contract classifications, but only unilateral contracts
involve two parties.
Both contract classifications involve two promises, but only bilateral
contracts involve two parties.
Transcribed Image Text:Select the statement that describes how bilateral and unilateral contracts are alike and different. Both contract types involve two parties. But in bilateral contracts, both parties make a promise; in unilateral contracts, only one party does. Both are valid contract classifications, but only bilateral contracts involve two parties. Both are valid contract classifications, but only unilateral contracts involve two parties. Both contract classifications involve two promises, but only bilateral contracts involve two parties.
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