Final answer:
A unilateral contract is a valid and enforceable contract in which one party makes a promise in exchange for the other party's performance. It is not true that a unilateral contract is not a contract at all since only one person is bound by a promise.
Step-by-step explanation:
The statement that a unilateral contract is not a contract at all since only one person is bound by a promise is False. A unilateral contract is a valid and enforceable contract in which one party makes a promise in exchange for the other party's performance.
For example, if person A offers a reward for finding their lost dog, person B can accept the offer by finding and returning the dog. Once person B performs the required act, person A is bound to fulfill their promise and pay the reward. In this case, the contract is unilateral because only person B is obligated to perform.
Unilateral contracts are common in situations where a reward is offered for the completion of a specific task or when someone makes a public offer that can be accepted by anyone who performs the required action.