Legal Environment Contracts,Torts and Bankruptcy

1. Explain fully how bilateral and unilateral contracts differ and what the legal consequences are for each. Give examples. The purpose of the law of contract is to secure the realization of reasonable expectations induced by promises, and to provide certainty and predictability in the planning of commercial ventures. It establishes and elaborate legal model to support the assurance that these objects will be achieved. Bilateral Contracts When two people exchange promises-one promise for another-they make …

…relationship and thus have a broader reach than employment law do. Independent contractors are not employees, because by definition, those who hire them have not control over the details of their work performance. An independent contractor is a person who contracts with another to do something for him but who is not controlled by the other nor subject to the others right to control with respect to physical conduct in the performance of the undertaken.