Boyd wanted to buy a 1967 Mustang car and promised he would pay $10 000 to the first person who presented him with such a vehicle.Jai was the first individual to deliver such a car to Boyd.What form of contract exists between Boyd and Jai?

Question

Quizplus · Accepted Answer

A unilateral contract is formed when one party makes a promise in exchange for the performance of a specified act by another party. In this case, Boyd promised to pay $10,000 to anyone who could present him with a 1967 Mustang, making it a unilateral contract because the contract is completed upon the performance of the act (delivering the car) by Jai.

Boyd Wanted to Buy a 1967 Mustang Car and Promised