Unilateral Contract

A unilateral contract is a one-sided agreement where only the offeror is legally bound, promising to pay or perform once the other party completes a specific task. Unlike bilateral contracts, where both sides exchange mutual obligations, a unilateral contract places responsibility on just one party until the task is fulfilled. Common examples include insurance policies, where the insurer agrees to pay if a covered loss occurs, or promotional offers like banks offering cash bonuses when customers meet certain conditions