Leasing License Practice Exam

In an example of a unilateral contract, what must a person do to receive the promised reward?

1. Pay a fee

2. Return the missing item

3. Sign a waiver

4. Contact the company

The correct answer is: Return the missing item

In the context of a unilateral contract, the correct understanding of receiving a promised reward hinges on the fact that one party makes a promise in exchange for an act by another party. This type of contract is typically exemplified by scenarios such as a lost pet reward, where the promise is to pay a specific amount if someone returns the lost item. To receive the promised reward, a person must perform the specific act stipulated in the contract, which, in this case, is returning the missing item. There is no requirement for the person to engage in other actions such as paying a fee, signing a waiver, or contacting the company prior to receiving the reward. The action of returning the item constitutes acceptance of the unilateral contract, activating the obligation of the individual who offered the reward to fulfill their promise. In summary, fulfilling the conditions outlined in a unilateral contract means that the individual must perform the designated act—in this case, the return of the missing item—to obtain the promised benefit.