unilateral contract

unilateral contract definition - business

unilateral contract

An agreement in which one party makes a conditional promise. For example, a business may promise to pay an asphalt company $6,000 if the company will pave the firm's parking area. The promise is conditional on the asphalt company accepting and completing the job. Compare bilateral contract.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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