A unilateral contract is said to lack what?

A unilateral contract is often characterized by the fact that only one party makes a promise or performs an act in response to the other party's offer. In contrast, a bilateral contract involves mutual promises where both parties are bound to perform certain obligations. The defining feature of a unilateral contract is that the offeror makes a promise contingent upon the performance of a specific action by the offeree, while the offeree is not legally obligated to perform that action. Therefore, the concept of mutuality is absent, as there is no reciprocal obligation; only one party is bound by the promise.

In the context of the question, mutuality refers to the mutual exchange of promises that create a legal obligation for both parties. Since such interchange does not exist within a unilateral contract, the statement about lacking mutuality is accurate. This distinction is crucial in understanding the nature of unilateral versus bilateral contracts and their enforceability in contract law.