Unilateral Contract (Noun)
Meaning
A one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise).
Classification
Nouns denoting communicative processes and contents.
Examples
- A reward poster offering a $1000 reward for information leading to the capture of a fugitive is an example of a unilateral contract, where the informant's performance of providing the information is required for payment.
- In a unilateral contract, one party, usually the offeror, makes a promise in exchange for the other party's action, such as a lost dog owner offering a reward for the dog's safe return.
- A unilateral contract can be created when a person makes a public offer of a reward for a specific act, such as finding a lost item or completing a task.
- A unilateral contract arises when one party promises to pay or perform an act in exchange for another party's performance, such as a homeowner offering a reward for the return of a stolen item.
- In the case of a unilateral contract, the offeror's promise is only enforceable if the offeree accepts by performing the requested action, such as a company offering a prize for solving a puzzle.