Mike made the following offer to Mick: "I will pay you $500 if you agree to paint my house." Mick replied that he would.At this point,the contract is an:
A) executed, bilateral, express contract.
B) executory, bilateral, implied-in-law contract.
C) executory, unilateral, express contract.
D) executory, bilateral, express contract.

Question

Quizplus · Accepted Answer

The contract is executory because the work has not yet been completed. It is bilateral because both parties have made promises (Mike promises to pay and Mick promises to paint). It is express because the terms have been specifically stated by Mike's offer and Mick's acceptance.

Mike Made the Following Offer to Mick: "I Will Pay