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 because both parties made promises to each other. It is express because it was entered into in writing. It is executed because both parties performed their obligations. And it is valid because there was adequate consideration, legal purpose, and capacity of the parties.

Jana and Annie Enter into a Written Agreement Whereby Jana