unilateral contract

A unilateral contract is one where a promise is made by only one party to the contract, and the contract is performed when an act or some other consideration is executed by the other party. The promise becomes binding on the offeror when the act is performed.

For instance, a person may offer to give £1 to the first person that finds a solution to a problem. Delivery of the solution to the offeror binds the offeror to pay £1.

Usage: The unilateral contract was accepted, and the contract formed by performance of the request.

Related Words: contract; agreement; offer; acceptance; consideration; accord and satisfaction; acquiescence; waiver; breach of contract; agreement; consensus ad idem; quid pro quo; legal capacity; novation; deed.