Which of the following defines a unilateral contract?

A unilateral contract is defined as an agreement that involves a promise from only one party. In this type of contract, one party makes a promise in exchange for a specific act or performance from another party. The key aspect of a unilateral contract is that the promisor is the only one obligated to fulfill their side of the agreement once the other party performs the act.

For example, in a unilateral contract situation, if someone offers a reward for the return of a lost pet, the offeror is promising to pay the reward only if someone successfully finds and returns the pet. The person seeking the reward does not have to do anything, but if they choose to act (i.e., find the pet), the promise must be honored.

This characteristic differentiates unilateral contracts from bilateral contracts, where both parties make mutual promises. Thus, it is essential to understand that a unilateral contract centers around the action of one party fulfilling a promise made, without requiring a reciprocal promise from the other party.