Question

How does a unilateral contract differ from a bilateral contract? If I place a reward for my lost dog and you find my dog; but never saw the reward poster on the trees and return the dog to me, can you collect the reward?

Answer 1

The difference between bilateral and unilateral contracts is the number of people or parties promising an action. Bilateral contracts need at least two, while unilateral contracts only obligate action on one part. In unilateral contracts, one offering the deal promises to pay when a certain act or task is complete, but bilateral contracts allow for an upfront exchange. Both unilateral and bilateral contracts are enforceable in court.

You can collect the reward because, the promisor promised pay should anyone fulfill the obligation of returning his dog. Promisor is the only person who has taken any action in this contract, as no one is specifically responsible or obligated to finding his dog passed on this interaction.