Which statement is true regarding the parties in a unilateral contract?

In a unilateral contract, only the promisor is obligated to fulfill their part, while the other party does not have any corresponding obligation unless they choose to perform the act specified in the contract. The essence of a unilateral contract is that it involves a promise made by one party that is conditioned upon the performance of a specific act by the other party. For example, in a reward situation where one party offers a reward for the return of lost property, only the person who made the promise (the promisor) has the obligation to pay once the act (returning the property) is completed by another party.

The other party's obligation to act only arises if they choose to perform the specified task; hence they are not required to do anything until they make that choice. This dynamic is a hallmark of unilateral contracts where the promise creates an obligation for the promisor, distinguishing it from bilateral contracts where both parties have mutual obligations.