unilateral contract Synonyms
No Synonyms and anytonyms found
unilateral contract Meaning
Wordnet
unilateral contract (n)
a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise)
unilateral contract Sentence Examples
- A unilateral contract is one in which only one party makes a promise.
- In a unilateral contract, the offeror's promise is not binding until the other party has performed the requested act.
- Examples of unilateral contracts include offers to pay rewards for lost pets or missing objects.
- Once the specified action has been performed, the unilateral contract becomes binding on both parties.
- Unlike bilateral contracts, unilateral contracts do not require mutual exchange of promises.
- The offeror in a unilateral contract has the power to revoke the offer at any time before the requested act is performed.
- Unilateral contracts are often used in advertising and marketing campaigns to incentivize certain behaviors.
- The party who performs the requested act in a unilateral contract is known as the promisee.
- In some cases, the requested act in a unilateral contract may be very specific and difficult to fulfill.
- The legal doctrine of promissory estoppel can be applied to enforce unilateral contracts, even if the offer has been revoked.
FAQs About the word unilateral contract
a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise)
No synonyms found.
No antonyms found.
A unilateral contract is one in which only one party makes a promise.
In a unilateral contract, the offeror's promise is not binding until the other party has performed the requested act.
Examples of unilateral contracts include offers to pay rewards for lost pets or missing objects.
Once the specified action has been performed, the unilateral contract becomes binding on both parties.
