Bilateral or Unilateral Contract
G. S. Adams, Jr., vice president of the Washington Bank & Trust Co., met with Bruce Bickham. An agreement was reached whereby Bickham agreed to do his personal and corporate banking business with the bank, and the bank agreed to loan Bickham money at 7.5 percent interest per annum. Bickham would have ten years to repay the loans. For the next two years, the bank made several loans to Bickham at 7.5 percent interest. Adams then resigned from the bank. The bank notified Bickham that general economic changes made it necessary to charge a higher rate of interest on both outstanding and new loans. Bickham sued the bank for breach of contract. Was the contract a bilateral or a unilateral contract? Does Bickham win? Bickham v. Washington Bank & Trust Company, 515 So.2d 457, Web 1987 La.App. Lexis 10442 (Court of Appeal of Louisiana)
(Cheeseman 179)
Cheeseman, Henry R. Business Law, VitalSource for DeVry University, 8th Edition. Pearson Learning Solutions, 02/2013. VitalBook file.
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