Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday.If Teresa cleans the house by noon on Saturday and Valerie pays the $75,then this is an implied,bilateral,executory contract.

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This is an example of an express, bilateral, executed contract. It is express because the terms are clearly stated and communicated between the parties, bilateral because it involves a promise for a promise (Valerie's promise to pay and Teresa's promise to clean), and executed because both parties have fulfilled their obligations (Teresa cleaned the house and Valerie paid the $75).

Valerie Promises Teresa That She Will Pay Teresa $75 If