Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Other Types of Contracts?
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Step 1
Answer -
Contracts - Contracts is an binding agreement between two or more parties that force them to follow and work towards well-defined objectives.
Type of Contracts -
1. Unilateral Contract - It is one sided contract which make by individual or institute to fulfill certain objectives . It is called unilateral contract
Ex. 1. Government Policies
2. Bilateral Contracts - It is contract between two parties which bind them to fulfill or work towards some objective
Ex. Bilateral trade agreements
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