What term refers to a contract in which one party has promised to perform?

A unilateral contract is defined as a type of agreement in which one party makes a promise or commitment that the other party then has the option to accept by performing a specific action. This means that only one party is under an obligation to fulfill the terms of the contract, while the other party is not bound to do anything until they choose to accept the offer through their actions.

This structure is distinct from bilateral contracts, where both parties make mutual promises to perform. In contrast, an implied contract refers to an agreement that is not verbally expressed or written but is inferred from the actions or the circumstances of the parties involved. An express contract is clearly defined and stated in words, but it still implies mutual obligations. In a unilateral contract, the focus is on the promise made by one party, making it a unique and specific type of agreement.