What is a unilateral contract?

A unilateral contract is characterized by a promise made by one party without requiring a corresponding promise from the other party. In this type of agreement, one party offers something of value or commits to perform a certain action, and the second party is not obligated to respond with a promise or consideration but can accept the offer by performing the requested act.

This structure is commonly seen in situations like reward offers, where one party might offer a reward for finding a lost item. The person who finds the item is not obligated to search; however, if they do and successfully find the lost item, the offering party has to fulfill their promise to pay the reward.

In contrast, options describing a contract involving equal participation from both parties or suggesting that the contract is void do not correctly define the nature of a unilateral contract. Additionally, claiming that a unilateral contract must only be enforceable in writing does not align with the fundamental nature of such contracts, as certain unilateral contracts can be enforceable even if they are not documented in writing, depending on the circumstances.