Unilateral Contract

A unilateral contract is a type of agreement where one party makes a promise in exchange for an action by another party. In this situation, only one side is obligated to perform, while the other side can choose whether or not to fulfill their part. For example, if someone promises to pay $100 to anyone who finds and returns their lost dog, the contract is completed once someone finds the dog and returns it. The promise to pay is the unilateral commitment, while the action of returning the dog is voluntary and not required until the action is taken.