Search results
- In a unilateral contract, the offeror makes a binding promise contingent on performing a specific act. Until the act is completed, only the offeror is legally bound by the promise. This allows the offeror to retain control over when the contract becomes enforceable.
onemoneyway.com/en/dictionary/unilateral-contract/What are unilateral contracts: characteristics, types, and a ...
A unilateral contract is an agreement where only one party makes a promise or takes an action. The other party does not have to do anything in return until the first party fulfills their promise.
Unilateral Contract: A legally-binding contract where one party makes a promise in exchange for the other party's performance of a requested act. Unilateral contracts are common in everyday life, and some examples include reward offers, insurance policies, and competitions.
- Explanation
Unilateral contracts are a fundamental concept in contract law. They involve an offer that can only be accepted through the performance of a specified act. They are simple, clear, and have practical applications in various real-life scenarios, from lost pet rewards to contest prizes and free service trials.
In a unilateral contract, the offeror (the party making the offer) must fulfill their promise if the offeree (the party receiving the offer) completes the required action. Once the offeree performs the requested action, the contract is formed, and the offeror must fulfill the promise.
A unilateral contract is a type of agreement where one party makes a promise in exchange for a specific action by another party. This means that only one side is obligated to fulfill their promise, while the other side only needs to perform the action requested to create a binding contract.
People also ask
What is an example of a unilateral contract?
Can a unilateral contract be enforced in court?
What is the difference between a breach of contract and a unilateral contract?
What is the difference between a unilateral contract and a bilateral contract?
What are the key elements of a unilateral contract?
What is consideration in a unilateral contract?
Jul 10, 2023 · A unilateral contract is a legally binding agreement in which one party binds themselves to perform upon the occurrence of a specific act or event. In this type of contract, the party making the promise is known as the offeror, while the party performing the requested action is referred to as the offeree.
