Jana and Annie enter into a written agreement whereby Jana promises to sell and Annie promises to buy a certain parcel of land for $5,000.There is adequate consideration,the contract is legal,and both parties have contractual capacity.The contract is fully performed by both parties on January 1.Which of the following best describes this contract as of January 2?

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Quizplus · Accepted Answer

The contract is bilateral as both parties made promises to each other. It is express as it is entered into through a written agreement. It is executed as both parties have fully performed their obligations. Lastly, it is valid as there is consideration, legal purpose, and both parties have the contractual capacity to enter into the agreement.

Jana and Annie Enter into a Written Agreement Whereby Jana