Unilateral Contracts
Candlefocus EditorIn a unilateral contract, the offeree is not required to perform any requested tasks or duties. Instead, if the offeree decides to perform the task, they are given something in exchange. They must be able to demonstrate the task has been completed in order to receive the reward or compensation.
A common example of a unilateral contract is an offer of a reward for returning a stolen item. In this scenario, the offeror may place a notice in a public area offering a monetary reward for returning the stolen item. If an individual finds the item and brings it back to the offeror, the offeree is entitled to receive the reward as promised.
Unilateral contracts may also be oral or written. Typically, an offer of a unilateral contract must include the terms of the offer, including any conditions or requirements attached to the agreement. Furthermore, it should be specific enough that any reasonable person can understand the terms of the offer.
In contrast to a unilateral contract, a bilateral contract is a contract with two parties in which both parties make an agreement and promise to carry out certain tasks or duties. The agreement also binds both parties to certain conditions or requirements.
Unilateral contracts are commonly used to make an optional offer to the public. These contracts are binding on the offeror, however, and should not be taken lightly. As with any contract, it's important to read the fine print and ensure that any specific terms and conditions are understood before entering into such an agreement.