Bilateral Contract

Offer Acceptance
Step 1: A B Step 2: A B

Promise of
Performance

Step 3: A B
Promise of
Performance

Unilateral Contract
Offer Acceptance
Step 1: A B Step 2: A B
Performance

Promise of
Step 3: A Performance B
 Partially Performed Bilateral Contract
Offer Acceptance
Step 1: A B Step 2: A B

Promise of Performance
Step 3: A Performance B Step 4: A B
Promise of
Performance
Promise of
Step 5: A Performance B

Option Contract
Offer Acceptance
Step 1: A B Step 2: A B

Performance Performance
#1 #2
Step 3: A B Step 4: A B
Right to (Optional) Performance
Decide if Go
to Step 4