What type of contract is characterized by only one party making a legally enforceable promise?

A unilateral contract is defined by the existence of one party making a legally enforceable promise in exchange for an act or forbearance on the part of the other party. In this arrangement, the promise is only binding on the party making it, and the other party is not required to do anything; they fulfill the contract by completing the act specified in the promise. This type of contract is commonly seen in situations such as rewards or contests, where one party offers a prize in return for a specific action by another party. The enforceability hinges solely on the action taken by the second party, making it distinct from scenarios where both parties exchange promises, which characterizes bilateral contracts. The other options do not reflect the fundamental aspect of a unilateral contract, emphasizing the absence of mutual obligations that define other types of agreements.