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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.
Nov 1, 2024 · 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.
Sep 22, 2022 · Unilateral contracts are contracts which are created by an offer which can only be accepted by performance. In order to form a unilateral contract, the party who is making the offer, known as the offeror, makes a promise in exchange for performance by the other party.
- A common example of a is a reward contract. For example, suppose that A promises B a sum of $100 if B is able to find A’s lost cat. This is a unila...
- On the other hand, in a bilateral contract, both sides are obligated by some sort of promise to the other. Suppose in our example above that A prom...
- Although most advertisements are not considered contracts, some advertisements may be considered unilateral contracts. For example, if A published...
- This type of contract can actually be quite complicated, especially with regards to technical terms such as offer, acceptance, and consideration. I...
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.
May 16, 2024 · A unilateral contract is a type of agreement in which one party promises a second party something if the second party will act – or refrain from acting – in a certain manner. The second party generally does not make an express promise and is not obligated to act in any way.
- Charity Delich
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.
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This chapter analyses the formation of unilateral contracts. A unilateral contract arises where O promises A something if A does a particular act which is not the making of a promise to O. A unilateral contract only imposes obligations on O.
