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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. Powered by Black’s Law Dictionary, Free 2nd ed., and The Law Dictionary. Find the legal definition of UNILATERAL CONTRACT from Black's Law ...
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.
Legal Terms Dictionary unilateral contract - Meaning in Law and Legal Documents, Examples and FAQs. A unilateral contract, or one-sided agreement, is a promise made by one person to do something in exchange for a specific action from another person, like offering a reward for finding a lost pet.
1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas of legal concern and can involve ...
Search the Definitions. n. an agreement to pay in exchange for performance, if the potential performer chooses to act. A "unilateral" contract is distinguished from a "bilateral" contract, which is an exchange of one promise for another. Example of a unilateral contract: "I will pay you $1,000 if you bring my car from Cleveland to San Francisco."
unilateral contract. A unilateral contract is a contract created by an offer that can only be accepted by performance. In a unilateral contract, there is an express offer that payment is made only by a party ’s performance. Common examples include reward offers or contests, where one party promises to pay or give a reward if the other party ...
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The term "unilateral" means "one-sided," and a unilateral contract is one in which only one party makes a promise or offer. The other party does not have to accept the offer, but if they do, they become bound by the terms of the contract. This type of contract is used when the offeror wants to make an offer to the public at large, without ...
