Yuan writes to Rita saying that he would sell her his car for $1,000. Rita writes back agreeing to buy the car on Yuan's terms. Given this information, the contract between Yuan and Rita is:

Question

Quizplus · Accepted Answer

This contract will be considered a bilateral and an executory contract. Yuan tells Rita he will sell her his car, and Rita agrees to buy the car on Yuan's terms. A promise is exchanged for a promise in the above case, which makes it bilateral, and since the contract is not fully performed, it is said to be executory.

Yuan Writes to Rita Saying That He Would Sell Her