Which term describes a contract where only one party makes enforceable promises?

A unilateral contract is defined as a type of contract where only one party makes enforceable promises or commitments. In such contracts, one party offers something of value, and the other party accepts this offer by performing a specific act. For example, if someone offers a reward for the return of a lost pet, only the person offering the reward is making an enforceable promise to pay, while the person who finds the pet is not making any promises in return; they merely accept the offer through action.

This distinguishes unilateral contracts from other types, such as bilateral contracts, where both parties exchange promises and obligations. In a bilateral contract, each party is bound to perform their part of the agreement, which does not apply in the case of unilateral contracts where one party's promise depends on an action taken by the other, rather than a mutual exchange of promises. Therefore, the defining feature of a unilateral contract is that it is the single enforceable promise that creates obligations.