On January 16,Deb offers to sell her waterbed to Colleen for $600.Colleen accepts and agrees to pay Deb $600 on January 27.Which of the following is correct?
A)On January 16, the contract was executory.
B)On January 16, the contract was executed.
C)This contract is a unilateral contract.
D)There is no contract until one party performs.

Question

Quizplus · Accepted Answer

The contract was executory on January 16 because both parties had obligations to fulfill in the future: Deb had to deliver the waterbed, and Colleen had to pay $600.

On January 16,Deb Offers to Sell Her Waterbed to Colleen