A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.
A)unilateral contract
B)bilateral contract
C)executed contract
D)executory contract

Question

Quizplus · Accepted Answer

A bilateral contract is a type of contract where both parties exchange promises to perform some act. This is different from a unilateral contract where only one party makes a promise in exchange for some act or performance. An executed contract refers to a contract that has been fully performed by both parties, while an executory contract is a contract where one or more parties have not yet fully performed their obligations under the contract.

A Contract Is ________ If the Offeror's Promise Is Answered