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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 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.
If Only one party to an insurance contract has made a legally enforceable promise what kind of contract is it?
If only one party to an insurance contract has made a legally enforceable promise, it is considered a unilateral contract. In a unilateral contract, one party (usually the insurer) makes a promise in exchange for an act or performance by the other party (the insured), but the insured is not obligated to perform. The contract becomes binding only when the insured fulfills the required action, such as paying a premium or filing a claim.
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
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
Where a promise can only be accepted by the performance of the person to whom it is offered is an example of?
unilateral contract
How does reward situation where a unilateral contract is formed upon completion of the requested act?
The unilateral contract with the PepsiCo and Harrier Jet, this is a one sided agreement. This is where they used the Harrier jet to get customers to buy their product to win points to earn something in return but was not a promise. Only one party obligated to do something and that is usually to pay just like the Seattle man did when buying the points. Contracts are voluntary agreements between the parties which one makes an offer while the other accepts it and there is no mutual contract.
