Just as on the lacrosse field, where each player has a role designed to help the team achieve victory, real estate deals have specific players with distinct duties. Understanding the people and responsibilities involved in these contracts is key for keeping the Holt Lacrosse community strong, healthy, and moving forward.

A unilateral contract real estate transaction occurs when one party makes an offer or is bound to a performance in return for a promise. In this case, the sole duty of the other party is to accept the current terms of the proposal or offer. It is not until acceptance that an agreement forms.

For example, a player individually requests to be put on a specific line to maximize their skills. The coach should consider this request but, ultimately, the decision should be made with the whole team in mind. If players were allowed to dictate the terms of their contract, players would request positions based on personal strengths without consideration of the team.

However, this type of contract does not only exist in real estate contracts, there are many other examples in our everyday life. A one-sided and non-negotiable contract can be found in:

The important lesson for our Holt Lacrosse family members is that knowing the fundamentals of a legal agreement from both sides is critical. If we agree to do something on the field, we need to understand our role and how it impacts teammates in achieving a win. Outside of lacrosse, the same goes with real estate. We should think strategically about real estate decisions, know our role and understand what the impact will be on our families and teams.

Because of time, energy, and schedule constraints, some parents and teammates may not have all the information needed to make the best choice. But the key point is that we should be striving to learn and understand about the person or organization we’re entering into a contract with, just like a coach carefully studies the statistics of potential recruits and commits.

Often throughout the lifecycle of a contract, circumstances will fluctuate. A party can be ahead of the other for a variety of reasons: money, time, market conditions, and many others. Additionally, the outcome of a contract can also greatly affect the future of an entire community. Unilateral contracts are not meant to punish the other party, but rather to help achieve a specific goal.

But what about if a unilateral contract is poorly drafted, or ignores the other party entirely? This could cause big problems, especially for those in the Holt Lacrosse Community. These types of agreements can lead to unexpected consequences, or cost a lot more money than anticipated. There are a few instances where this could happen.

Example #1: A buyer submits an offer on a house, the seller accepts, and the buyer never plans on closing. The seller has spent a substantial amount of time and money waiting for this buyer to close on the home. The seller expected to use that money and time to purchase a home they are interested in.

Example #2: A player commits to one team, but never shows up. In this situation, not only did the player cost the team an opportunity, but the team cost their chance to recruit another player. This would have a tremendous negative impact on both the player and the team.

Since unilateral contracts are single-sided, they do not require additional contractual terms for validity. Doesn’t sound too bad right? WRONG! What this means for parents and players is that we need to analyze offers and counter-offers and understand which terms can be used for negotiation, and which ones are fixed. Be careful not to overlook time restraints, contingency clauses, and any other hidden traps!

Having players and parents that are well-educated and informed not only improves the team itself, but it also creates long-term stability in the community. A lot goes into locating and securing real estate for families. We need to be thinking ahead to avoid a surprise penalty that could cost thousands of dollars.

The process of a unilateral contract typically follows this step-by-step scenario:

Unilateral contracts outside of real estate are also not as simple as they might seem. These agreements can be as far as new knowledge, wealth, time, and skills. Therefore, it is important for the buyer and seller to go over the most minute details with an experienced bar exam coach for the best possible results. For homeowners and homebuyers in the Holt community, or anywhere really, we should always pay attention to exactly how the money is being distributed and what we’re getting for it.

For more information on contracts, you can visit Wikipedia’s page on contracts.

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