What type of contract is created when a person offers a reward for a specific act, such as finding a lost dog?

A contract that is formed when a person offers a reward for a specific act, such as finding a lost dog, is classified as a unilateral contract. This type of contract involves a promise made by one party in exchange for the performance of a specific act by another party. In this scenario, the offeror (the person offering the reward) makes a promise to pay a specified amount upon the completion of the act (finding the lost dog).

The essential characteristic of a unilateral contract is that it requires action from the other party to accept the offer. The party offering the reward does not expect to enter into a mutual agreement until the act is completed; thus, acceptance occurs through the act itself. For instance, once someone finds and returns the dog, they have accepted the unilateral contract and are entitled to the reward.

In contrast, a bilateral contract involves mutual promises between parties, where both agree to perform specific obligations. A quasi contract is not an actual contract but rather a legal construct used by courts to enforce fairness and prevent unjust enrichment when no formal contract exists. An implied contract is one where the terms are inferred from the actions or circumstances of the parties involved, rather than explicitly stated. In this case, the offering of the reward clearly outlines the terms of