A unilateral contract is a type of agreement where one party makes a promise in exchange for the performance of a specific act by another party. The key characteristic of a unilateral contract is that only one party is obligated to perform.
Among the options provided:
- Lease: A lease is a bilateral contract where both the landlord and the tenant have obligations. The landlord agrees to provide the property, and the tenant agrees to pay rent.
- Agreement of Sale: This is also a bilateral contract where both the buyer and the seller have obligations. The seller agrees to transfer ownership, and the buyer agrees to pay the purchase price.
- Option: An option is an example of a unilateral contract. In an option contract, one party (the option holder) has the right to buy or sell an asset at a predetermined price, but they are not obligated to do so. The other party (the option writer) is obligated to fulfill the contract if the option holder decides to exercise their right.
- Listing Agreement: A listing agreement is typically a bilateral contract between a property owner and a real estate agent, where the agent agrees to market the property, and the owner agrees to pay a commission upon sale.
Therefore, the correct answer is c) Option, as it is the only example of a unilateral contract among the given choices.