Question

"At the beginning of the race, Jack offers to pay anyone who can run a mile in one hour $100. Assuming someone runs a mile in one hour, Jack has entered into what type of contract?"

Answer 1

Answer:

Exchange and unilateral contract

Step-by-step explanation:

We define what is meant by exchange and unilateral contract as follows.

An exchange contract is a type of contract in which there is an agreement between parties to pay in exchange for a particular performance. Hence, when there is an agreement between two parties in which one solely indicates that he would be paying the other party if the other party delivers on an agreed performance.

Now, we Move on to know what a unilateral contract is. Like the name suggests, a unilateral contract is the decision of a single party. A single party is the one that makes the concessions needed to make work, a unilateral agreement. It is quite different from bilateral where there are inputs from both parties