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

Question

Quizplus · Accepted Answer

In a bilateral contract, both parties make a promise to each other. The offeror makes a promise in the offer, and the offeree accepts that promise by making a promise to perform. This distinguishes it from a unilateral contract, where the offeror's promise is answered with the offeree's performance. Executed contracts have already been performed, while executory contracts have yet to be performed.

A Contract Is A(n) ________ If the Offeror's Promise Is