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An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. [32] For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.
A unilateral mistake is where only one party to a contract is mistaken about the terms or subject-matter contained in a contract. [7] This kind of mistake is more common than other types of mistake. [citation needed] One must first distinguish between mechanical calculations and business errors when looking at unilateral mistake. [citation needed]
It is also possible for a contract to be void if there was a mistake in the identity of the contracting party. An example is in Lewis v Averay [2] where Lord Denning MR held that the contract can only be avoided if the plaintiff can show that, at the time of agreement, the plaintiff believed the other party's identity was of vital importance. A ...
Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.
In a unilateral contract, acceptance may not have to be communicated and can be accepted through conduct by performing the act. [11] Nonetheless, the person performing the act must do it in reliance on the offer. [12] A unilateral contract differs from a bilateral contract, where there is an exchange of promises between two parties. For example ...