CONTRACT INTERPRETATION

(LIIBULLETIN preview)

CITGO Asphalt Refining Company (“CARCO”) chartered a single-hulled oil tanker, the M/T Athos I, from an intermediary of Frescati Shipping Co., Ltd. and Tsakos Shipping & Trading, S.A. (“Frescati”) to deliver crude oil from Venezuela to CARCO’s...

(LIIBULLETIN preview)

In 1992, Shell Chemical Company (“Shell”) purchased a West Virginia polyester plant from The Goodyear Tire & Rubber Company (“Goodyear”). See Tackett v. M & G Polymers USA, LLC, 733 F.3d 589, 593 (6th Cir. 2013). Shell subsequently sold the...

(Wex page)
Definition

A unilateral contract is a contract created by an offer than can only be accepted by performance.

Overview

In a unilateral contract, there is an express offer that payment is made only by a party's performance. Another example of a...