The term of such contract agreement where an offeror promises to pay after the occurrence of a specified act is called: unilateral contract.
A unilateral contract can be defined as a contract agreement whereby an offeror is obligated to pay only after a specified act has been fulfilled by the offeree.
For example, "I will pay you $2,500 if you bring my car from Texas all the way to Cleveland". The specified act that must be fulfilled before I pay is for you to bring my car. That is the acceptance.
Therefore, the term of such contract agreement where an offeror promises to pay after the occurrence of a specified act is called: unilateral contract.
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