What is a Unilateral Contract ?

unilateral contract

WHAT IS A UNILATERAL CONTRACT ?

1. Contract arising where one party (the promisor) makes an offer to pay another party (the promisee) in return for the performance of an act, and the promisee gives his or her assent by performing the said act. A reward offered for providing certain information is an example of a unilateral contract.
2. Type of contract in which only one of the contracting parties is under an enforceable obligation. For example, under an isurance contract, only the insurance makes a promise (to make a loss good or pay compensation) whereas the insured does not make any promise and, to keep his part of the deal, only pays a premium.
Please check with Bureau of Internal Revenue District Officer if such a contract is still acceptable as the Revenue District Office of the property I am currently dealing with DOESN’T ALLOW Unilateral Contracts anymore !

Leave a Reply

Compare listings

Compare