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. | 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. | ||
Revision as of 02:20, March 13, 2008
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.