Permission to undertake some activity and/or possess property.
Example:
- Driver license
- permission to operate vehicle
- comes with duty and obligations, say, obeying road rules.
- Event ticket
- attendance subject to license, i.e, terms at back of the ticket.
License is NOT contract
Bargain for exchange between parties.
Example:
| Unilateral Contract | Bilateral Contract |
|---|---|
| A promise in exchange for some action. | A promise in exchange for a promise. |
| - advert for lost item such that reward for return. | - purchase of home |
| - lease | |
| - employment |
Bargain for exchange = negotiation for the promise
Manifestation of agreement.