I always tell my son that I will give you a chocolate if you get good marks in this exam and trust me, it does work. Once my husband saw this deal and said, are you going to have a unilateral contract with my son now? I had no idea what is unilateral contract so had to ask him about it and know the answer. If you too are looking for an easy definition, get it here.
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What is a unilateral contract in real estate?A unilateral contract is a contract where one party promises to reward another party for performing a particular act. If the party accepts to complete the particular act, the contract is considered to be accepted and becomes valid from then onwards.
What is an example of a unilateral contract?I would give you another example of a unilateral contract so that you understand the concept better. Suppose the Police gave an ad that any person, who provides information about a particular culprit will be rewarded if the details help them to find him.
In such a case nobody is bound to give the information but if it happens and the Police gets benefited, the person will get a reward.
What is unilateral contract in business law?Unilateral contracts are very much prevalent in business laws. You must have heard that companies visit other companies and ask for a certain amount of profit or at least ask to show them that the company can earn profit once the deal gets done.
For example Company A asks Company B that if within 3 months they (B) can show 20% profit, then Company A will join hands with them and finalise the deal to work in future as well. If Company B fails to do so, no deal will get sanctioned in future.
This details must be enough to answer what is unilateral contract
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What Is Unilateral Contract?
Paresh
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2 Year
2022-06-24T09:20:05+00:00 2022-06-24T09:20:06+00:00Comment
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