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Gale Encyclopedia Of American Law 3Rd Edition Volume 2 P5

Gale Encyclopedia of American Law Volume 2 P5 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 28 BILATERAL CONTRACT University in 1896 and the University of Michigan in 1912. Bigelow taught law at the University of Michigan and the Northwestern University Law School and also held a professorship at Boston University Law School. Bigelow s Elements of the Law of Torts 1878 was used as a basic legal textbook. His numerous other publications included Law of Fraud on its Civil Side 1888-1890 The Law of Estoppel and its Application in Practice 1872 and History of Procedure in England from the Norman Conquests The Norman Period 1066-1204 1880 . He died May 4 1921 in Boston. BILATERAL CONTRACT An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party. A bilateral contract is distinguishable from a unilateral contract a promise made by one party in exchange for the performance of some act by the other party. The party to a unilateral contract whose performance is sought is not obligated to act but if he or she does the party that made the promise is bound to comply with the terms of the agreement. In a bilateral contract both parties are bound by their exchange of promises. Both parties to a bilateral contract make promises. With respect to the promise in issue the party making the promise is the promisor and the other party is the promisee. The legal detriment incurred by the promisee consists of a different promise by him or her to do something or refrain from doing something that he or she was not previously legally obligated to do or to refrain from doing. This legal detriment constitutes consideration the cause motive or benefit that induces one to enter into a contract. Consideration is an essential component of a contract. Traditionally courts have distinguished between unilateral and bilateral contracts by determining whether one or both parties provided consideration and at what point they provided the consideration. Bilateral contracts were said to bind both parties the .