Final answer:
A contract with no reciprocal obligation assumed by the party accepting an obligation from the other is known as a unilateral contract.
Step-by-step explanation:
A contract in which the party who accepts an obligation of the other does not assume a reciprocal obligation is referred to as a unilateral contract. This concept is contrasted with a bilateral contract, where both parties make promises to each other. An example of a unilateral contract is a reward contract, where one party, the offeror, promises to pay a reward in exchange for the performance of a particular act by another party. In this case, the party who acts to claim the reward is not legally bound to perform, but if they do, the offeror is obligated to fulfill the promise of the reward.