Jill tells Jack that she will pay $1000 for his pail of water.If he accepts this kind of agreement,it is

Question

Quizplus · Accepted Answer

A bilateral contract is a legal agreement between two parties in which each side agrees to fulfill their part of the deal. In this scenario, Jill is offering to pay $1000 in exchange for Jack's pail of water, which means they both have to agree to the terms of the contract. Therefore, this is a bilateral contract. A standing offer is an open offer that remains valid until it is revoked or expires, and a multilateral contract involves three or more parties. A unilateral contract is an agreement in which one party promises to do something in exchange for the other party's performance, but there is no obligation for the other party to act. A collateral contract is an additional agreement made alongside the main contract, which is not relevant in this scenario.

Jill Tells Jack That She Will Pay $1000 for His