Search results
Results From The WOW.Com Content Network
Cardinal Changes (Significant Changes) clauses are the source of a significant number of disputes arising from government contracts. The clause, which has appeared in nearly every U.S. government contract for over 100 years, gives the government the power unilaterally to order contractual modifications. [1]
Changes clauses give the government the power unilaterally to order contractual modifications; [1] in return, the contract specifies that if the parties are unable to agree on compensation to be received by the contractor for the modified work, the contractor shall be entitled to an equitable adjustment.
The option contract provides an important role in unilateral contracts. In unilateral contracts, the promisor seeks acceptance by performance from the promisee. In this scenario, the classical contract view was that a contract was not formed until the performance that the promisor seeks was completely performed. This was because the ...
“Union contracts are enforceable by law, and the president does not have the authority to make unilateral changes to those agreements,” AFGE National President Everett Kelley said in a ...
Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.
In a unilateral contract, acceptance may not have to be communicated and can be accepted through conduct by performing the act. [11] Nonetheless, the person performing the act must do it in reliance on the offer. [12] A unilateral contract differs from a bilateral contract, where there is an exchange of promises between two parties. For example ...
Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. [32] For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.
An example of a nudum pactum would be an offer to sell something without a corresponding offer of value in exchange. While the offer may bind a person morally, since the offer has not been created with any consideration, it is gratuitous and treated as a unilateral contract. The offer is therefore revocable at any time by the offeror before ...