What type of contract is an option contract where the party acquiring the right has not promised to buy the property?

An option contract is characterized by one party having the right, but not the obligation, to buy a property within a specified time frame. This establishes a unilateral contract, where only one party—the optionee—has made a promise (the right to purchase), while the other party—the optionor—has made no such promise to sell.

In a unilateral contract, one party commits to fulfilling an obligation depending on the actions or decisions of another party. In this context, the party acquiring the option holds the right to make a decision about purchasing the property, but they are not obligated to do so. The optionor is bound to sell if the option is exercised, but this does not equate to a bilateral contract, where both parties would have mutual obligations to perform.

Thus, the nature of an option contract aligns perfectly with the characteristics of a unilateral contract, confirming that the correct answer accurately reflects the essence of such agreements.