Bilateral Contract Essay

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9.1 Bilateral or Unilateral Contract Bickham vs Washington Bank and Trust Company is a case that involves a bilateral contract which is “a contract entered into by way of exchange of promises of the parties; a promise for a promise.” In these types of contracts when either the offeror or offeree fails to perform a contract, the affected party (plaintiff) is entitled to sue. It seems that the offeree in this case was Bruce Bickman. The offer was made from the bank (G.S. Adams vice president) to provide Bickman with a low 7 and a half interest for several loans. The agreement was made between the bank and Bruce. Mr. Birckham in exchange will have to do all his banking at Washington bank until he finishes paying the loan, which is ten years. This agreement was made between both parties. A promise is similar to an agreement. The bank should of honored the interest made to Bruce Bickman regardless of the president’s resignation from the company. This agreement was made directly with the bank as a company, not the president as a person. In this case the bank violated this agreement that should have been for ten years, not two. The bank raised Mr. Bickman’s interest after the second year. The general economic changes have nothing to do with the agreement. An agreement is a contract duly executed and legally binding. Mr. Bickman had a reason to sue and to win under the bilateral contract. If this were the opposite and Mr. Bickman stopped performing his bank activities with Washington Bank then the bank would have a reason to sue under the bilateral contract that Mr. Bickman

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