Bilateral vs Unilateral Contract
A bilateral contract is a promise for a promise; a unilateral contract is a promise in exchange for an act.
In a bilateral contract, both parties make promises, such as a listing agreement where the seller promises to pay and the broker promises to market the property. In a unilateral contract, one party promises to perform only if the other party acts.
An option contract is unilateral: the seller is bound to sell if the buyer exercises the option, but the buyer is not obligated to buy.
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Contracts (12% of the exam)
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This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.