Which of the following is true regarding unilateral contracts?

A unilateral contract is a type of agreement where only one party is obligated to perform their part of the deal, while the other party does not have any legal obligation to act. This means that in a unilateral contract, the offeror makes a promise or an offer, and the offeree can accept that offer by performing a specific action. Once the offeree fulfills the action, the offeror is obligated to perform their part of the agreement, but until that action is completed, the offeree is not required to do anything.

For example, if someone offers a reward for the return of a lost pet, the person who finds and returns the pet to the offeror is the only one bound to perform the action of returning the pet in order to claim the reward. Meanwhile, the person offering the reward has the obligation to pay once the condition (returning the pet) has been met.

In comparison, the other options do not accurately describe the nature of unilateral contracts. They typically require only one party to act, do not necessitate mutual consent in the same manner as bilateral contracts, and are indeed legally enforceable as long as the terms of the contract are met. Understanding this helps clarify the unique mechanics of unilateral contracts in the realm of legal agreements