Question

The contract type in which only one party is legally bound to its contractual obligations after a premium is paid is a(n)

Answer 1

Answer: Unilateral contract

Explanation:

A Unilateral contract is a contract where the offeror is the only party to contractual obligations after a premium is paid. In this contract agreement, the offeror promises to pay after the occurrence of the specified act. They are used most times when the offeror has an open request. They are primarily one sided.