By Catherine & Frances Quinn. Elliott
This publication clarifies the basic techniques in the back of agreement legislation, making it more straightforward for college kids to appreciate and practice the criminal principles.
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Extra resources for Contract Law
By contrast, a unilateral contract arises where only one party assumes an obligation under the contract. Examples might be promising to give your mother £50 if she gives up smoking for a year, or to pay a £100 reward to anyone who finds your lost purse, or, as the court suggested in Great Northern Railway Co v Witham (1873), to pay someone £100 to walk from London to York. What makes these situations unilateral contracts is that only one party has assumed an obligation – you are obliged to pay your mother if she gives up smoking, but she has not promised in turn to give up smoking.
On a smaller scale, who would book a package holiday if the tour operator was free to decide not to fly you home at the end of it? How would manufacturers run their businesses if customers could simply withdraw orders, even though the goods had been made specially for them? A market economy will only work efficiently if its members can plan their business activities, and they can only do this if they know that they can rely on promises made to them. In fact, contract law rarely forces a party to fulfil contractual promises, but what it does do is try to compensate innocent parties financially, usually by attempting to put them in the position they would have been in if the contract had been performed as agreed.
This means that each party takes on an obligation, usually by promising the other something – for example, Ann promises to sell something and Ben to buy it. ) By contrast, a unilateral contract arises where only one party assumes an obligation under the contract. Examples might be promising to give your mother £50 if she gives up smoking for a year, or to pay a £100 reward to anyone who finds your lost purse, or, as the court suggested in Great Northern Railway Co v Witham (1873), to pay someone £100 to walk from London to York.