Kathleen and Julia exchange a promise for a promise. They have created which of the following?

A) An invalid verbal contract
B) A unilateral contract
C) A bilateral contract
D) A tort contract

Bilateral Contract

A contractual agreement involving two parties where each party commits to fulfill specific obligations.

Unilateral Contract

A contract in which only one party makes a promise or obligation in exchange for an act by the other party.

Invalid Verbal Contract

An oral agreement that lacks enforceability by law, often due to the absence of required elements for a valid contract or due to specific types of agreements that require written form.