Contract law Essay Example | Topics and Well Written Essays - 2000 words - 5

Contract law - Essay Example â€Å"When at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such an act or abstinence or promise is called a consideration for the promise.† â€Å"A contract is an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or forbearance on the part of the other or others.† (Quoted in ReportBD.com) In the case under study, the contract between Helena and the London Theatre is unilateral one in nature, where though there is a consensus ad idem i.e. both the offerer i.e. London Theatre agrees to sell its product, and the offeree i.e. Helena agrees to pay  £500 as a consideration against the tickets offered by the theatre, yet as the theatre has offered its product to a large number of people, the contract between Helena and the theatre is unilateral one in nature. Unilateral Contract: â€Å"Unilateral contract† according to legal-dictionary, â€Å"is a contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party.† (Quoted in http://legal-dictionary.thefreedictionary.com/unilateral+contract) The same is applied in the case under study, where the London Theatre has made an express promise without first securing a reciprocal agreement from the public and masses. Helena has tried to enter into the contract with the theatre according to the terms and conditions described in the advertisement made by the theatre. In addition, Helena has made her performance in a prescribed mode as well as within the time period determined by the theatre. Moreover, the offer has been made to the world at large; so it is a general offer. Hence, in the case above-mentioned, both the parties to the contract observe the situation as the court verdict announced by the court of law in the