Basic Contract Terms: Offer, Acceptance, Promissory Estoppel

Provide definitions for such terms: offer, acceptance, bilateral contract, unilateral contract, and promissory estoppel.

Regardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager, knowledge of these basic terms will assist you in the day-to-day operations of the business, regardless of the field. Therefore, provide definitions for such terms: offer, acceptance, bilateral contract, unilateral contract, and promissory estoppel.