Asked by
Ragaveena Bandari
on Nov 29, 2024
Verified
In a unilateral contract, a promise is exchanged for an act or forbearance to act.
Unilateral Contract
A contract in which only one party makes a promise or undertakes a performance, while the other side only has to perform if they choose to.
Forbearance
An agreement between a debtor and lender to temporarily postpone repayment of a loan, often to avoid default.
- Contrast unilateral with bilateral contracts.
Verified Answer
BL
Learning Objectives
- Contrast unilateral with bilateral contracts.