What type of contract can be accepted or rejected by another party?

A unilateral contract is designed in such a way that an offeror makes a promise in exchange for a performance by the offeree. In this scenario, the offeree can choose to accept or reject the offer by simply performing the act specified in the contract. Once the offeree completes the act, the contract is accepted, creating a binding obligation on the part of the offeror.

In many cases, unilateral contracts are often exemplified by situations like reward offers, where someone promises to pay a certain amount for the return of a lost item. The potential acceptor of the contract (the person who finds and returns the item) is free to choose whether or not to perform that action, and this choice constitutes their acceptance.

The other types of contracts mentioned do not operate under the same acceptance framework. Bilateral contracts involve mutual promises and require a reciprocal agreement from both parties upon the formation, while multi-party contracts involve more than two parties with potentially complex obligations. Implied contracts arise from actions or circumstances rather than explicit agreements, often making it challenging to pinpoint a clear acceptance or rejection process as it's inferred from behavior rather than a direct agreement.