Unilateral Contract Legal Meaning and Definition

Here is a simplified definition of the legal term Unilateral Contract.

Unilateral Contract (noun)

A unilateral contract is a type of agreement where only one party, called the offeror, undertakes a legal obligation or responsibility. This contract is made without expecting a corresponding commitment or acceptance from another party. It's typically offered to an indefinite group and the obligation is fulfilled when one member from the group meets the set condition. For instance, a reward offered to anyone who finds lost property is an example of a unilateral contract. In this, the offeror is obliged to pay if the condition, which is finding the lost property, is met.