What is a unilateral contract?

A unilateral contract is a contract in which one party makes a promise to another with the expectation that the other will perform an act in return. In Virginia, unilateral contracts are governed by the Virginia Code, which defines a unilateral contract as an agreement in which one party makes a promise in exchange for an act. This act could be an affirmative action, such as paying money, or could even be an omission, such as refraining from engaging in a certain activity. A unilateral contract is different from a bilateral contract, which is an agreement between two parties in which each party makes a promise to the other. Unilateral contracts are typically one-sided, meaning that one party makes a promise, and the other party takes action to fulfill that promise. This means that one party bears a greater risk than the other, as they are not guaranteed to get anything in return. While unilateral contracts can take many forms, such as when a seller offers an item for sale and a buyer purchases it, they are often used in legal matters when one party has done something that has a monetary value. In these cases, the party that has done the act can sue the other party for breach of contract if they do not receive the promised payment. This can be an effective way of resolving disputes in Virginia.

Related FAQs

What is a discharge for breach of contract?
What is an indemnification clause?
What is the termination of a contract?
What is the effect of a partial payment?
What is a third-party beneficiary?
What is a mutatis mutandis clause?
What is the principle of non-derogation of contracts?
What are the legal remedies for a breach of contract?
What is a promissory note?
What is a contingent contract?

What is a unilateral contract?

Related FAQs

Related Blog Posts