20:49
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LSDefine
Simple English definitions for legal terms
Unilateral Contract
Read a random definition: extraneous question
A quick definition of Unilateral Contract:
A unilateral contract is a type of agreement where one person makes an offer that can only be accepted by doing something. For example, if someone offers a reward for finding their lost dog, the only way to accept the offer is by finding the dog. The person who made the offer can change their mind before the other person starts doing what they need to do to accept the offer. Each state has its own rules about unilateral contracts.
A more thorough explanation:
A unilateral contract is a type of contract where an offer is made that can only be accepted by performing a specific action.
For example, if someone offers a reward for finding their lost dog, this is a unilateral contract. The offer can only be accepted by finding the dog, which is the required performance.
Another example of a unilateral contract is a contest. If a company offers a prize for the best photo submitted, this is a unilateral contract. The offer can only be accepted by submitting a photo that meets the requirements of the contest.
It's important to note that in a unilateral contract, the offeror can revoke the offer before the offeree begins to perform. However, the revocation must be expressed.
Unilateral contracts are governed by state laws, not federal laws.