Before we delve into the example of a unilateral contract, let`s first understand what a unilateral contract is. In simple terms, a unilateral contract is a binding agreement where one party promises to do something in exchange for the other party fulfilling a condition or completing a task.

The key feature of a unilateral contract is that only one party is bound to perform an action. The other party is not obligated to do anything unless they want to, which means that a unilateral contract is not a two-way agreement.

Now, to answer the question, “Which of the following is an example of a unilateral contract quizlet?” we need to look at the options provided. Here are some potential examples of unilateral contracts:

1. A reward for lost pet: If someone loses their pet and offers a reward for its safe return, this is an example of a unilateral contract. The person who finds the pet is not obligated to return it, but if they do, they are entitled to the reward.

2. Contest or competition: When a company runs a contest or competition, it is usually a unilateral contract. The company promises to give away a prize to the winner, who is not obligated to participate but can do so voluntarily.

3. Performance-based bonus: In some workplaces, employees are offered performance-based bonuses. If an employee achieves certain targets or goals, they are entitled to a bonus. This is a unilateral contract as the employee is not required to meet the targets, but the employer is obligated to pay the bonus if they do.

To summarize, all the above examples are of unilateral contracts. In each case, one party is obligated to perform an action if the other party fulfills the condition or completes the task. It is essential to understand the concept of unilateral contracts to ensure that you are aware of the consequences of entering into such agreements.