A promise made in exchange for a reward is often termed a(n)?

A promise made in exchange for a reward is known as a unilateral promise. This form of agreement involves one party making a promise that is contingent upon the performance of an act by another party. In legal terms, a unilateral contract is formed when one party offers something, such as a reward, in exchange for the other party completing a specific action.

For example, if an individual promises to pay a reward to anyone who finds and returns their lost pet, that person is making a unilateral promise. The contract is not formed until someone successfully finds and returns the pet, thereby fulfilling the conditions of the promise.

In contrast, bilateral agreements involve mutual exchanges of promises between two parties, where both parties are bound to perform. The terms "offeree" and "offeror" refer to the parties involved in an agreement—the offeror is the one making the offer, while the offeree is the one receiving it. These concepts are foundational in contract law but do not specifically describe the nature of a reward-based promise.