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Chapter 5 “Formation” of a Contract, offer and acceptance.Difference between a promise and an offer: A promise is where a party informs another party they are going to do something for them. A promise most likely does not have a time lapse. However an offer is a party informing another party that they will do something, except the party being offered to, also known as the offeree, can take the offeror leave it. And this offer can lapse, especially when some an offer is made to a group of parties, one party may accept the offer before another one can.Standard form contracts are contracts where there is no real bargaining on the offeree side. So its either take it or leave it. If the offeree accepts, then Unilateral contract is where the offer is accepted by performing an act required by the terms of the offer in the contract. A bilateral contract is where the two parties, both offeror and offeree exchange promises on behalf and are both bound to perform upon the contract.Chapter 6: Formation of Contract.Bargain- each party pays a price for each other’s promise, when there is a bargain down, the promisor lowers his/her price to save money on the bargain. The promisor bargains for the other person to do something.