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Which type of contract makes a promise in exchange for a particular act?
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∙ 11y ago
Unilateral
Wiki User
∙ 11y ago
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A contract is a single promise made by one person to another enforceable?
A contract needs to show the exchange between parties. One person will do work in exchange for money, for example. If the contract merely said that one person will do work, but it makes no mention of what the other person must provide, the contract is probably not valid and not enforceable.
Define unilateral contract?
A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror's promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror. A unilateral contract differs from a Bilateral Contract, in which the parties exchange mutual promises. Bilateral contracts are commonly used in business transactions; a sale of goods is a type of bilateral contract. Reward offers are usually unilateral contracts. The offeror (the party offering the reward) cannot impel anyone to fulfill the reward offer. An offeree can sue for breach of contract, however, if the offeror does not provide the reward after the offeree has fulfilled the contract's requirements
What makes past consideration invalid?
because its done before the contract is made is not consideration. These fact cannot influence forming of a contract if they were in past tense for example: Al gives emergency care to Bob . Bob promises to pay Al for his services but his promise is not binding because there is no bargain for exchange
Define who a promisee is in contract law?
The promisee is the person receiving the promise from the promisor.The promisee is the person who has been promised something, as opposed to the promisor who makes the promise to someone.
Difference between executory executed and past consideration?
EXECUTORY CONSIDERATION Consideration is executory when there is an exchange of promises to perform acts in the future. For example, A promises to deliver widgets to B at some future date and B promises to pay A for the widgets when he receives the shipment. If A does not deliver the widgets to B, B can sue A for breach of contract. EXECUTED CONSIDERATION When a promise is made in exchange for an act, when that act is performed, it is executed consideration. Using the example above, if A timely delivers the widgets to B, A's consideration becomes executed. PAST CONSIDERATION Every contract requires an offer, acceptance, and consideration. Consideration isthe exchange of benefit and detriment (e.g., the making of a promise in exchange for an act). If a party voluntarily acts and then the other party makes a promise, the act is said to be "past consideration" (since the act was already performed and not made in exchange for the promise). For example, A gives B a ride to the market and back home again. When A delivers B to his house, B promises to give A some gas money. A cannot sue B to enforce B's promise since the consideration (A's act of giving B a ride) occurred beforeB's promise. A gave B the ridewithout expecting anything inreturn.(A did not give B a ride in exchange for B giving A gas money.)
Is a promisee a person who makes a promise?
No, a promisee is the person to whom a promise is made. They are the one who is entitled to the benefit or performance promised by the other party, known as the promisor.
What is the Difference between regional stock exchange and bse?
The BSE is a national stock exchange - meaning it is common to all residents of the country. (Note: There is a separate exchange called the National Stock Exchange. The term national is used to stress on the fact that, the exchange is available nation wide) A Regional stock exchange is usually located in a particular city and is open for trading only to the residents of that particular city/state which makes it inaccessible for other investors who do not reside in that region.
What makes ventricles contract?
Purkinje Fibers actually makes the ventricles contract.
Who is the character in plighted word?
The character in "Plighted Word" is Balduin, a soldier who makes a promise to a sorcerer in exchange for wealth and power. The story explores the consequences of breaking a vow and the transformation of Balduin's character.
What makes the contract binding?
A contract is binding when it is entered into between parties having the capacity to enter a contract, and is made in light of adequate consideration. Consideration can be defined as something of value which is a detriment to the one who gives it and a benefit to one who receives it. For example, if A promises to mow B's lawn, and B promises to pay A $50 when he finishes, the parties have exchanged consideration -- here, a promise for a promise.
What is the difference between promise note and contract?
A promissory note is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or commonly as just a "note", it is internationally regulated by the Convention providing a uniform law for bills of exchange and promissory notes. Bank note is frequently referred to as a promissory note: a promissory note made by a bank and payable to bearer on demand.Source - WikipediaFor "Contract", click on the related link below.
What are the similarities of breach of contract and frustration of contract?
Frustration is when something happens that makes it impossible to perform the contract or makes it so that performance of the contract would undermine the purpose of the contract, whereas breach is caused by a non-performance under the contract.
