Which of the following statements is true regarding a unilateral contract?

A unilateral contract is a type of agreement where one party, the offeror, makes a promise in exchange for an action performed by the other party, the offeree. The defining characteristic of a unilateral contract is that only the offeror is bound to fulfill their obligation once the offeree performs the requested action. This means that while one party makes a promise, the other party is not obliged to act unless they choose to accept the offer by completing the required action.

In this scenario, the statement that suggests only one party is obligated to fulfill the contract accurately describes the nature of a unilateral contract. The offeree's performance is what constitutes acceptance of the offer rather than any reciprocal promise to perform from the offeree. Consequently, the other statements regarding the requirement of consideration from both parties, the necessity for acceptance to be communicated, and the enforceability of the contract being contingent on a written form do not align with the concept of a unilateral contract. Unilateral contracts can be enforceable even if they are not written, relying on the performance of the action to establish the agreement.