unilateral contract


Also found in: Dictionary, Thesaurus, Legal, Wikipedia.
Related to unilateral contract: conditional contract, aleatory contract, Express contract

unilateral contract

A contract that is binding on one party but only if the other party chooses to take advantage of it.An option contract is the classic unilateral contract.A property owner (optionor) will give another party (optionee) the right to purchase property,but the optionee is not obligated to purchase if it chooses not to.

Mentioned in ?
References in periodicals archive ?
at the time of a customer's checkout resulted in a unilateral contract, and, therefore, the company's liability attached at that time.
Animating my proposal is a more nuanced understanding of the Contracts Clause that allows a municipality to explore unilateral contract modification of key obligations in an effort to facilitate consensual agreements with creditor constituencies.
The First Circuit determined that there was a sufficient nexus between UPGO's acts and the United States because the offer for the unilateral contract took place in the United States and it was through the offer that UPGO engaged in commerce in the U.
66) As a unilateral contract might be revoked at anytime before complete performance, many courts had adopted a "promissory construction where that can be reasonably given.
Instead, OCLC has merely agreed to delay contract implementation until later this year, most likely in an attempt to let the furor die down and quietly implement the unilateral contract change in the fall.
In a unilateral contract there is only one promisor and one promisee.
1998) (characterizing an employee handbook as "a unilateral contract .
On a unilateral contract, such as this one, the person who makes the offer cannot withdraw it once the party to whom the offer has been made has begun to perform.
Through a unilateral contract modification, the Surplus Contract's performance period has been extended through February 13, 2014.
The client reserves the right, However, In the sense of a unilateral contract renewal option, To extend the respective framework agreement annually by one year to max.
rewards as a unilateral contract formed at checkout, which conferred instant liability on the supermarket chain to its customers for the rewards they accrued.

Full browser ?