A unilateral contract is an agreement in which one party makes an offer that can only be accepted through performance. For instance, if someone offers a reward for locating their missing dog, the offer can only be accepted by actually finding the dog. It is important to note that the party making the offer has the right to revoke it before the other party commences the necessary actions to accept the offer. The regulations regarding unilateral contracts vary from state to state.
A unilateral contract is a specific type of contract where an offer is presented, and acceptance can only be achieved through the completion of a particular action. For instance, if an individual offers a reward for locating their missing dog, this would be considered a unilateral contract. The offer can solely be accepted by successfully finding the dog, which serves as the required performance. Another example of a unilateral contract is a contest, where a company offers a prize for the best submitted photo. In this case, acceptance can only be attained by submitting a photo that meets the contest’s requirements. It is important to note that in a unilateral contract, the offeror has the ability to withdraw the offer before the offeree commences the performance. However, this revocation must be explicitly communicated. Unilateral contracts are regulated by state laws rather than federal laws.
A unilateral contract is a type of contract where one party makes a promise or offer that can only be accepted by the performance of a specific act or condition by the other party.
In a bilateral contract, both parties exchange promises to perform certain acts. In a unilateral contract, only one party makes a promise, and the other party accepts by performing the required act.
Generally, a unilateral contract cannot be revoked once the act has been partially performed. The party who made the offer is bound to fulfill their promise upon completion of the act.
No, for a unilateral contract to be formed, the party performing the act must have knowledge of the offer or promise made by the other party. Without knowledge, there is no acceptance.
If the act required in a unilateral contract becomes impossible to perform due to unforeseen circumstances, the party who made the offer may be excused from fulfilling their promise.
If the unilateral contract specifies a time frame for the completion of the act, failure to complete it within that time frame may result in the offer being revoked, and the contract becoming void.
A unilateral contract can be created orally, as long as the offer and acceptance are clearly communicated. However, having a written contract is always advisable to avoid any potential disputes.
Modifying or amending a unilateral contract after the act has been partially performed requires the mutual agreement of both parties. It is important to document any changes in writing to avoid misunderstandings.
Yes, the party who made the offer in a unilateral contract can generally terminate it at any time before the act is performed. However, once the act has been performed, the offer becomes binding.
If one party breaches a unilateral contract by failing to fulfill their promise after the act has been performed, the non-breaching party may seek remedies such as specific performance or monetary damages.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/unilateral-contract/
- Modern Language Association (MLA):Unilateral Contract. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/unilateral-contract/.
- Chicago Manual of Style (CMS):Unilateral Contract. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/unilateral-contract/ (accessed: May 09 2024).
- American Psychological Association (APA):Unilateral Contract. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/unilateral-contract/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts