When it comes to legal agreements, there are many different terms and phrases that can be thrown around. One such term is “an agreement enforceable by law at the instance of one party and not of the other party.” While this may seem like a mouthful, it`s actually a fairly simple concept.
In essence, an agreement that is enforceable by law at the instance of one party and not the other means that one party has the power to take legal action if the other party does not hold up their end of the bargain. This is commonly referred to as a one-sided contract or a unilateral contract.
One example of this type of agreement would be a reward for information. Let`s say a company offers a reward to anyone who provides information leading to the arrest and conviction of a criminal who stole from their business. In this case, the company is not obligated to provide the reward to anyone who provides information – they can pick and choose who receives the reward based on their own criteria. However, if someone does provide information that meets the company`s criteria, the company is legally obligated to provide the reward.
Another example of a one-sided contract could be a gift. When someone gives a gift, they are not obligated to continue providing gifts in the future. However, if the recipient of the gift were to take legal action to demand more gifts, they would not be successful, as the agreement was only enforceable by the giver of the gift.
It`s important to note that while one-sided contracts are legal and enforceable, they can also be risky for the party that does not hold the power to take legal action. It`s crucial for both parties to fully understand and agree to the terms of the agreement before entering into it.
In summary, an agreement enforceable by law at the instance of one party and not of the other is simply a one-sided contract. One party has the power to take legal action if the other party does not fulfill their obligations, while the other party is not necessarily obligated to provide anything. These types of agreements can be useful in certain situations, but it`s important for both parties to fully understand the terms before entering into them.