A contract in which there is an act for a promise is referred to as?

A contract in which there is an act for a promise is referred to as a unilateral contract. This type of agreement involves one party making a promise in exchange for the performance of a specific act by another party. In a unilateral contract, the offeror commits to fulfill their obligation only when the offeree performs the requested action. This can be seen in situations such as reward offers where one party promises payment to anyone who finds and returns a lost item.

In contrast, in a bilateral contract, both parties exchange promises to perform certain actions, creating mutual obligations. Express contracts involve clearly stated terms and conditions, while implied contracts arise from actions or circumstances indicating that an agreement exists, even if not explicitly stated. Understanding these distinctions clarifies how agreements are formed in different contexts and highlights the unique nature of unilateral contracts.