A contract is a(n) ________ agreement for which the _______.:
A) promissory, parties make mutual promises.
B) multi-party, law gives a remedy.
C) obligation, obligor promises to pay the obligee.
D) legally binding, law gives a remedy.

Question

Quizplus · Accepted Answer

A contract is a legally binding agreement, meaning that there are legal consequences for breaching the terms of the contract. The law also provides remedies, such as damages or specific performance, for parties who are harmed by a breach of contract. Therefore, choice D is the correct answer. Choice A is incorrect because not all contracts involve mutual promises. Choice B is incorrect because a contract can be between two parties. Choice C is incorrect because not all contracts involve an obligation to pay.

A Contract Is A(n) ________ Agreement for Which the _______

A Contract Is A(n) __ Agreement for Which the _