If someone pays and someone else performs, that's unilateral.
If there are things to perform on both sides (regardless of whether money changes hands or in which direction it flows) that's bilateral.
To amplify on that: if there is an exchange of promises, the contract is bilateral. If there is a promise on only one side (with immediate performance on the other ... say the payment of money before the painter paints the house), it's unilateral. [ Edited by flacorps on Date 10/22/2003 ]
thanks!! So, if I lease purchase the home, and he holds the 20% for two years....is that considered a bilateral? i know it's basic, but I'm new at this, please bare with me!!
If you don't mind, I'd like to ask you a question.....I've never done a lease purchase before, and I'd like to know about how to contact. I know it sounds silly, but I'm afraid that I don't know my info well enough and I won't get the deal if I make mistakes. Is it simply a matter of telling him that I want the house and fill him in on terms later, or do I make a proposal up front?
If someone pays and someone else performs, that's unilateral.
If there are things to perform on both sides (regardless of whether money changes hands or in which direction it flows) that's bilateral.
To amplify on that: if there is an exchange of promises, the contract is bilateral. If there is a promise on only one side (with immediate performance on the other ... say the payment of money before the painter paints the house), it's unilateral. [ Edited by flacorps on Date 10/22/2003 ]
thanks!! So, if I lease purchase the home, and he holds the 20% for two years....is that considered a bilateral? i know it's basic, but I'm new at this, please bare with me!!
Odds are 99% plus it's bilateral. And if it's unilateral, I fear it's problematic on that basis alone!
If you don't mind, I'd like to ask you a question.....I've never done a lease purchase before, and I'd like to know about how to contact. I know it sounds silly, but I'm afraid that I don't know my info well enough and I won't get the deal if I make mistakes. Is it simply a matter of telling him that I want the house and fill him in on terms later, or do I make a proposal up front?