Asked by Molly McHugh on Jun 05, 2024
Verified
A bilateral contract involves which of the following?
A) The exchange of a promise for a promise
B) A private party and the government
C) The exchange of a promise for an act
D) None of these choices is correct.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
Unilateral Contract
A legal agreement in which only one party makes a promise or undertakes a performance obligation in exchange for an act by the other party.
- Determine and depict the assorted categories of contracts, such as bilateral and unilateral.
Verified Answer
NN
nazmun naherJun 10, 2024
Final Answer :
A
Explanation :
A bilateral contract involves the exchange of a promise for a promise, where both parties are obligated to fulfill their promises to each other.
Learning Objectives
- Determine and depict the assorted categories of contracts, such as bilateral and unilateral.