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)executed,unilateral,express contract.
D)executory,bilateral,express contract.

Question

Quizplus · Accepted Answer

The contract is executory because the painting work has not yet been completed by Mick. It is bilateral because both parties are obligated to perform - Mike to pay and Mick to paint. And it is an express contract because the offer and acceptance were made verbally.

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