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Carlos Mauricio Ambrosio Orellana
Kendy Johana Bonilla Valladares
Adriana Maria Cornejo Vela

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· Unilateral and Bilateral Contracts

Unilateral contracts involve only one party promising to take action or provide something of value. These are also known as one-sided contracts, and a common example of them is when a reward is offered for something being found: the party to whom the reward is offered is under no obligation to find the lost item, but if they do find it, the offering party is under contract to provide the reward.

Bilateral contracts, on the other hand, involve both parties agreeing to exchange items or services of value. These are also known as two-sided contracts and are the kind of contract that is most commonly encountered.

· Option Contracts

Option contracts allow a party to enter another contract with another party at a later time. Entering into a second contract is called exercising the option, and a good example of this is in real estate, where a prospective buyer will pay a seller to take a property off the market, then, at a later date, have a new contract made to buy the property outright, should they choose to do so.

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1. Contractual Offer: The most basic element of any contract is established on the idea of want and fulfillment. Someone wants something, and someone else has the capability to fulfill it. An offer can be rejected directly or by making a counteroffer which automatically invalidates the initial offer. If there is no rejection, then the contract goes on unless insanity or death strikes either party.

2. Consideration: The exchange of offer and acceptance is the main subject matter of any agreement. The product or the service offered is the consideration for a promisee. Whereas a certain sum of money from the sale of goods or an agreed action or outcome is the desired consideration for a promisor.

3.Legality: This essential element is critical to ensure that the terms of the contract are compliant with the contract laws. These documents are subject to jurisdiction-specific law, where the parties perform their obligations.

4. Mutuality: Mutuality, also referred to as mutual assent or meeting of the minds, confirms that the parties to the contract clearly understand and agree to the terms of the contract. This helps to counter the issues of misrepresentation and ensures that both parties are bound to the agreement. Even if one party is not bound, the contract becomes void.

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Written: Written contracts provide more certainty for both parties than verbal contracts. They clearly set out the details of what was agreed. Matters that can be set out in a contract include: materials, timeframes, payments and a procedure to follow in the event of a dispute.
Oral: Many contracting arrangements use verbal contracts, which only work well if there are no disputes. A handshake agreement may still be a contract and may (though often with difficulty) be enforced by a court. However, verbal contracts can lead to uncertainty about each party's rights and obligations. A dispute may arise if you have nothing in writing explaining what you both agreed to do.
Partly oral and written: Some agreements may be only partly verbal. For example, there may be supporting paperwork such as a quote or a list of specifications that also forms part of the contract. At the very least, you should write down the main points that you agreed with the hirer to avoid relying on memory. Keep any paperwork associated with the contract. The paperwork can be used later in discussions with the hirer to try to resolve a problem. If the dispute becomes serious, it may be used as evidence in court. The most important thing is that each party clearly understands what work will be done, when it will be completed and how much will be paid for the work.

If the contract is only partly written or the terms of the work are set out in a number of separate documents (email, quote etc.), it is to your benefit to make sure that any formal agreement you’re being asked to sign refers to or incorporates those documents. At the very least, make sure the contract doesn’t suggest that the formal document is the entire agreement.

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A contract is a legally enforceable agreement between two or more parties where each party assumes a legal obligation to perform or to do or not to do something, and the right to perform the duty of the other party for a breach. Many aspects of daily life involve contracts, including buying property, applying for a car loan, signing employment-related documents, and agreeing to terms and conditions when buying products and services or using, for example, computer software.

Contracts can also be the source of legal disputes when they are not written clearly. Parties who misunderstand the terms of their agreement may sue each other and have a court settle the argument. Additionally, when a company signs a contract and later goes out of business or is unable to fulfill its promises, the other party may have to pursue legal action in civil or bankruptcy court to obtain relief.