A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.
A) unilateral
B) bilateral
C) executory
D) executed
E) formal

Question

Quizplus · Accepted Answer

A bilateral contract requires mutual promises between the offeror and the offeree. Both parties are bound to perform their duties under the contract, and both parties are considered to have made a legally enforceable agreement. In a bilateral contract, the offeror's promise is answered by the offeree's promise of acceptance. A unilateral contract, on the other hand, involves an offeror making a promise to pay or perform upon the completion of a specific act by the offeree.

A Contract Is ________ If the Offeror's Promise Is Answered