What type of contract is an option contract since the party acquiring the right has not promised to purchase?

An option contract is classified as a unilateral contract because it involves one party granting the other a right without any requirement for a corresponding obligation. In the context of an option contract, the party acquiring the option has the right, but not the obligation, to purchase a property or a particular asset within a specified timeframe. The seller, on the other hand, is bound to honor that right if the buyer chooses to exercise it.

This structure highlights the key characteristic of unilateral contracts, where only one party makes a promise or takes on an obligation, while the other party simply has the option to act or not. Understanding this distinction is crucial in real estate and contract law, as it underscores the nature of the commitments and rights involved in such agreements. Other types of contracts, such as bilateral contracts, involve mutual promises between both parties, which is not the case in option contracts.