Rocky mountain races, inc., sponsors the "pioneer trail ultramarathon," with an advertised first prize of $10,000. the rules require the competitors to run 100 miles from the floor of blackwater canyon to the top of pinnacle mountain. the rules also provide that rocky reserves the right to change the terms of the race at any time. monica enters the race and is declared the winner. rocky offers her a prize of $1,000 instead of $10,000. did rocky and monica have a contract? explain.

Generally, in situations such as this where one person enters into a competition with a company or corporation with an explicitly defined prize, this constitutes a unilateral contract. Unilateral contracts are defined by the offering of a reward for a specifically defined act, and this contract is accepted when the contractee completes the act. In this case, Rocky Mountain Races, Inc., and Monica did have a uniform contract. Furthermore, because Monica entered the race and was declared the winner, she fulfilled her end of the contract thus accepting the contract (and qualifying for the reward from the contractor). However, because Rocky Mountain Races, Inc., included a provision that they could change the terms of the race at any time, Monica isn't entitled to the $10,000 reward, she is entitled to whatever reward Rocky sees fit.

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