CONTRACTS . 9 _ deemed executory; although, strictly speaking, it is executed on one side and executory on the other. , BILATERAL AND UNILATERAL CONFRACTS * " Anagreement may originate in one of the several ways. First, there may be an offer of a promise and a simple assent. This is possitle only when the promise is under seal or of record, in which case it is binding because of its form alone. This way or mod? of making contract is epplicable in English law and nat in Indian law. Second way in which there may be an offer of an act for a promise, as when a public omnibus by running on its roste makes an offer of its services for the promise of the one entering to pay his fare. Third, there may be an offer of a promise for an act, as one promises to pay a specified sum for the performance of an act, such as the returning of lost goods. Fousth, an agreement may originate in an offer of a promise for a promise, as when one person offers to pay Rs. 107 in return for the promise of another to paint his car. The first three methods result in Unilateral contracts, because in each instance there is an odiigation to perform on the part of only one party, The fourth or last method creates a Bilateral contract, irf that there is an obligation on the part of both to do or to refrain from doing 4 particular thing. In the case of a unilateral or one-sided contract, one party to the contract has performed his part,even at the time of its formation and an obligation is oustanding only egainst the other. In the bilaferal or two-sided contract, at the tine of its fermation there are two outstanding obligations, one on either party to the contract, 2.g., A promises to paint a picture in one month in retum for-whicn B promises to pay Rs. 100. Here, there are two promises and each party is a promisor in respect of one promise and a promisee in respect of the other, and as such each can hold the other fiable for the breach of his promise. It follows from the above distinction between executed and executory contracts arid between unilateral and bilateral contracts that a coniract is a contract from the time it is made and not from the time its performance is due. Thus, the fact that in an executory contract, both the purties have to perform their parts of the contract does not affect the validity of the coniract. !t was stated in Sahab Ram v. Ram Niwa@(1953) TAN. 494 (F.B.), that the fact that the agreement has not been executed or performed does not mzan that the agreement was not eniered into. Similarly, there may be cases in which performance of a contract is postponed or deferred. Thus, where A agrees to supply 100 quintals of wheat three months after the date of contract, the performance wi!l become due three months after the dote of the contract but the contract will be a contract on the date when the offer is accepted and ether conditions of a valid contract are complied with. Inthe following sections of this chapter are discussed the foregoing types or Classes of contracts, starting with a valid contract and its essentials.