unilateral contract ? (1) a contract in which one party performs or promises to perform some act for another without receiving a reciprocal promise from the other party. A court may determine that a reciprocal agreement is implied by law or by the circumstances. For example, a property owner may be ordered to reasonably compensate a volunteer fire department if it has saved his or her property from destruction. (2) a bilateral contract that has been fully performed by one party. For example, if Abel tenders full payment to Baker for his property under a purchase contract that calls for a grant deed to be delivered to Baker, the contract becomes unilateral until Abel actually delivers the grant deed, when it is said to be fully executed. See also bilateral contract, contract, and executory contract.

© 2004 Bella Vista Publishing Company, Inc.  ISBN 0-9718225-0-6

.
	Copyright Protection:   This real estate web site is created in the United States of America and protected by copyright laws.  Permission should be obtained prior to any reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording or likewise.
.