Difference between revisions of "Unilateral contract"
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A unilateral contract is an agreement by which one undertakes an express performance without receiving any express promise of performance from the other. | A unilateral contract is an agreement by which one undertakes an express performance without receiving any express promise of performance from the other. | ||
| − | A classic example is a promise by the owner of a house to pay $1000 to a painter, who receives payment only once he has given "performance" by painting the house. [[category:legal terms]] | + | A classic example is a promise by the owner of a house to pay $1000 to a painter, who receives payment only once he has given "performance" by painting the house. |
| + | |||
| + | This is in contrast with a [[bilateral contract]]. | ||
| + | [[category:legal terms]] | ||
Revision as of 17:15, September 28, 2007
A unilateral contract is an agreement by which one undertakes an express performance without receiving any express promise of performance from the other.
A classic example is a promise by the owner of a house to pay $1000 to a painter, who receives payment only once he has given "performance" by painting the house.
This is in contrast with a bilateral contract.