Unilateral Contract for Dummies
noun
What does Unilateral Contract really mean?
Hey there! Let's dive into the fascinating world of contracts, shall we? So, you want to know what a "unilateral contract" means. Great! Contracts are agreements between people or parties that describe what each party will do or not do. They're like promises that are legally binding, meaning that breaking them can have consequences.
Now, a unilateral contract is a type of agreement where only one party makes a promise or commitment. Picture this: you're walking down the street and you notice a poster advertising a missing pet. The owner of the pet declares, "If you find my beloved furry friend and bring them back to me, I promise to give you a reward of $100!" By reading the poster and trying to find the pet, you're not obligated to do anything. But if you do find the pet and bring it back, the owner must stick to their promise and give you the reward.
In a way, a unilateral contract is like a one-way street. It's a contract that's triggered or completed only when the other party performs a specific action. You see, the person who makes the promise is waiting for something to occur without any obligations on the other party involved. It's almost like a game where only one player has to make a move.
Let me give you another example to make it even clearer. Imagine you overhear your teacher saying, "If you finish all your homework by Friday, I'll give you a gold star!" In this case, your teacher is the one making the promise, and the act of completing your homework is what triggers or completes the contract. So, until you finish all your homework, there's no contract in place. But once you accomplish it, your teacher must follow through and award you that shiny gold star!
So, to sum it up, a unilateral contract is an agreement where one party makes a promise or commitment that is activated or completed by the other party performing a specific action. It's like a reward waiting for someone to take it by doing what was asked. Just remember, it's like a one-way street where only one person has to make a move.
Now, a unilateral contract is a type of agreement where only one party makes a promise or commitment. Picture this: you're walking down the street and you notice a poster advertising a missing pet. The owner of the pet declares, "If you find my beloved furry friend and bring them back to me, I promise to give you a reward of $100!" By reading the poster and trying to find the pet, you're not obligated to do anything. But if you do find the pet and bring it back, the owner must stick to their promise and give you the reward.
In a way, a unilateral contract is like a one-way street. It's a contract that's triggered or completed only when the other party performs a specific action. You see, the person who makes the promise is waiting for something to occur without any obligations on the other party involved. It's almost like a game where only one player has to make a move.
Let me give you another example to make it even clearer. Imagine you overhear your teacher saying, "If you finish all your homework by Friday, I'll give you a gold star!" In this case, your teacher is the one making the promise, and the act of completing your homework is what triggers or completes the contract. So, until you finish all your homework, there's no contract in place. But once you accomplish it, your teacher must follow through and award you that shiny gold star!
So, to sum it up, a unilateral contract is an agreement where one party makes a promise or commitment that is activated or completed by the other party performing a specific action. It's like a reward waiting for someone to take it by doing what was asked. Just remember, it's like a one-way street where only one person has to make a move.
Revised and Fact checked by Olivia Davis on 2023-10-29 21:55:25
Unilateral Contract In a sentece
Learn how to use Unilateral Contract inside a sentece
- When you hire a plumber to fix a leaky faucet in your house and you promise to pay them a fixed amount for their service, it is a unilateral contract.
- If you offer to mow your neighbor's lawn for $20, and they don't have to do anything in return but just accept your offer, it is a unilateral contract.
- When a company promises to give a reward to anyone who finds their lost dog and returns it, it is a unilateral contract.
- If you promise to donate $100 to a charity if you complete a marathon, and the charity does not have to do anything in return, it is a unilateral contract.
- When a parent promises to give their child $10 if they clean their room, and the child only needs to clean the room to receive the money, it is a unilateral contract.
Unilateral Contract Hypernyms
Words that are more generic than the original word.