unilateral contract
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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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.