A unilateral offer is an offer made by one party to another, where the offeror agrees to perform some action or provide a product in exchange for the offeree’s performance of some other action or promise. This type of contract is typically made up of one or more promises from the offeror, and one or more promises from the offeree.
Types of Unilateral Offers
There are two types of unilateral offers: Unilateral Contracts and Unilateral Agreements. Unilateral Contracts are created when one party promises another party something in exchange for a performance or promise from the other party. Unilateral Agreements, on the other hand, are created when one party promises another party something without requiring any performance or promise from the other party.
Examples of Unilateral Offers
A common example of a unilateral offer is a promotional offer that companies make to attract customers. A company may offer a discount on a product if the customer agrees to purchase it by a certain date. Another example is a reward offered for information leading to the arrest of a criminal. In this case, the offeror can voluntarily offer a reward for information leading to the arrest of the criminal, without requiring any promise or performance on the part of the person providing the information.
Rights of the Offeror and Offeree
The offeror’s rights in a unilateral offer are determined by the terms of the offer. The offeror is entitled to a performance or promise from the offeree that is equal to the terms of the offer. The offeree, on the other hand, may reject the offer if they do not wish to accept the offeror’s terms.
Conclusion
A unilateral offer is one made by one party to another, where the offeror agrees to perform some action or provide a product in exchange for the offeree’s performance of some other action or promise. These offers can be used for promotional purposes or rewards, and may involve both parties being entitled to certain rights. It is important to carefully consider the terms of the offer before entering into a unilateral agreement, as it can have a significant effect on both parties’ rights.