Lamar offers to pay Melanie $150 for a hot-air balloon ride for Nina.They agree to meet at dawn the next day to exchange the cash for the ride.At this point,these parties have

Question

Quizplus · Accepted Answer

A bilateral contract is a type of contract where both parties make a promise in exchange for each other's promise. In this case, Lamar promises to pay $150 for the hot-air balloon ride, while Melanie promises to provide the ride. Both parties are bound by their promises and obligations, making this a bilateral contract.

Lamar Offers to Pay Melanie $150 for a Hot-Air Balloon