Jill tells Jack that she will pay $1,000 for his pail of water. He accepts this kind of agreement is

Question

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A bilateral contract is an agreement between two parties in which both parties exchange mutual promises. In this scenario, Jill and Jack are the two parties entering into an agreement where Jill promises to pay $1,000 for Jack's pail of water, and Jack promises to provide the water in exchange for the payment.

Jill Tells Jack That She Will Pay $1,000 for His