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A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree.
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- Unilateral Contract - Definition of Unilateral Contract by The Free Dictionary
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UNILATERAL CONTRACT Definition & Legal Meaning. Definition & Citations: 1. Contract where one party makes another party an offer to perform an act and assent is promised by performing the act. 2. Contract where one party has an enforceable obligation. Find the legal definition of UNILATERAL CONTRACT from Black's Law Dictionary, 2nd Edition. 1.
What does "unilateral contract" mean in legal documents? A unilateral contract is a type of agreement where one party makes a promise that can only be accepted through action. Imagine a situation where someone offers a reward for finding a lost pet.
A unilateral contract is one in which there is a promise to pay or give other consideration in return for actual performance. (I will pay you $500 to fix my car by Thursday; the performance is fixing the car by that date). A bilateral contract is one in which a promise is exchanged for a promise.
unilateral contract n. an agreement to pay in exchange for performance, if the potential performer chooses to act. A "unilateral" contract is distinguished from a...
UNILATERAL CONTRACT definition: a formal agreement in which only one of the people or groups involved agrees to do something. Learn more.
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Legal definition for UNILATERAL CONTRACT: A contract where only one party makes an express promise or an agreement to perform without receiving or securing a reciprocal promise and where the offeree can later act up.
