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In a unilateral contract, consideration is present, but it operates differently than in a bilateral contract. The offeror provides consideration by promising something (e.g., payment) in exchange for the performance of a specific act by the offeree. The offeree's act constitutes the consideration that completes the contract. Thus, while only one party makes a promise initially, the consideration comes into effect once the act is performed.
What else can I help you with?
Is a listing contract unilateral or bilateral?
unilateral contract
A reward poster is what kind of contract?
Unilateral contract.
What is an unilateral decision?
A unilateral decision is a decision made without the consideration of opposing opinions or viewpoints.
1 When there is a unilateral mistake in what three types of situations may a contract not be enforced?
When there is a unilateral mistake, in what three types of situations may a contract not be enforced?
What is unilateral promise?
A unilateral promise in when just one of the parties to a contract agrees to do something. A bilateral promise is when both parties agree to perform under the contract.
What distinguishes a bilateral contract from a unilateral contract?
Simply put- A unilateral contract can be modified or changed by one party and a bi-lateral must be agred upon and accepted by both contractual parties involved.
Explain provisions of unilateral mistake under Indian contract act?
Unilateral mistakes are said to occur when only one party is at mistake regarding the essential facts of a contract.
An offer to form a unilateral contract is accepted by a promise to perform?
Yes
Which type of contract makes a promise in exchange for a particular act?
Unilateral
Why is an insurance contract a unilateral contract?
a unilateral contract is one in which one party 's promise is exchanged with other party's act. insurance contract is unilateral because one party ie the insured pays premium regularly and the insured ie the other party promises to compensate for any loss caused to the insured. here the act of paying premium by insured is exchanged with the promise of insurer.
What is the significance of the carbolic smoke ball in the history of contract law?
The carbolic smoke ball case is significant in contract law because it established the principle that a promise made in an advertisement can be considered a legally binding contract if certain conditions are met. This case helped clarify the concept of unilateral contracts and the importance of offer, acceptance, and consideration in contract formation.
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
