InsuranceBusiness income insurance Earthquake insurance Business pursuit Pooling Liability insurance Mine subsidence coverage
Unilateral contract
A legal agreement, like an insurance contract, where one party is obligated to fulfill promises that are legally binding. This type of contract is known as a unilateral contract, as it involves one party making promises without the expectation of receiving anything in return. It is important to understand the implications and terms of a unilateral contract before entering into it, as it can have significant financial consequences. As with any contract, it is essential to carefully review and fully comprehend all aspects before signing on the dotted line.
Related terms
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