In a bilateral contract, each party may be considered as both making a promise, and being the beneficiary of a promise. A unilateral contract is one in which the offer requests performance rather than a promise from the person accepting the offer. A unilateral contract is formed when the requested act is complete. In its most basic form, a bilateral contract is an agreement between at least two people or groups. Most business and personal contracts fall into this category. Examples of bilateral contracts are present in everyday life. You're entering this type of agreement every time you make a purchase at your favorite store, Elements of a Contract. All contracts contain the same elements, including the offer, acceptance, and consideration. Regarding consideration, there must be something of value exchanged – cash, goods, or a promise to exchange such cash or goods.

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