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- A unilateral contract is a legally binding contract where an offer is accepted by fulfilling a certain condition. Unlike bilateral contracts where there is an exchange of mutual promises, only one party in a unilateral contract makes an express promise. If this condition is fulfilled, then the offering party has to fulfil the promise.
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Jan 28, 2023 · What Is a Unilateral Contract? A unilateral contract is a one-sided contract agreement in which an offeror promises to pay only after the completion of a task by the offeree.
Nov 1, 2024 · What is the difference between a unilateral and bilateral contract example? In a unilateral contract, one party makes a promise in exchange for an action (e.g., a reward for finding a lost item). In a bilateral contract, both parties exchange promises (e.g., a sales contract where goods are promised in return for payment).
How is a unilateral contract different from a bilateral contract? A unilateral contract involves one party making a promise that can be accepted by action, while a bilateral contract involves both parties making promises to each other.
Unilateral Contract Definition: A legally-binding contract where one party makes a promise in exchange for the other party's performance of a requested act. Elements of a Unilateral Contract: Offer, Acceptance, Consideration, Legal Capacity, and Legality of the subject matter.
- Explanation
A unilateral contract is an agreement formed by an offer that can be accepted solely through performance by another party. In this type of contract, the offer specifies that payment will only be provided once the other party completes the required action.
What is a Unilateral Contract? A unilateral contract is primarily a one-sided, legally binding agreement where one party agrees to pay for a specified act.
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A unilateral contract is an agreement where one party makes a promise contingent upon the other party’s performance of a specific action or task. 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.
