A contract where there is an exchange of promises between the parties is
A)unilateral.
B)bilateral.
C)all of the above.
D)none of the above.

Question

A contract where there is an exchange of promises between the parties is ​
A)unilateral.
B)bilateral.
C)all of the above.
D)none of the above.

Quizplus · Accepted Answer

In a bilateral contract, both parties exchange promises to do something for the other party. This is different from a unilateral contract where only one party makes a promise to do something. Therefore, choice B is the best answer.

A Contract Where There Is an Exchange of Promises Between