Asked by Christian Rivera on May 18, 2024
Verified
Reggie went to the Napa Valley Harvest Festival,when he stopped at Tracy's booth where she was selling paintings of vineyards.Reggie admired a painting of vineyards,which did not appear to be for sale.Reggie said to Tracy,"I will give you $200 if you give me that painting right now." Tracy said nothing in response,but she gave Reggie the painting,and Reggie gave her $200 in cash.This is an example of a contract that is now:
A) bilateral and executed.
B) bilateral and executory.
C) unilateral and executed.
D) unilateral and executory.
Unilateral And Executed
Unilateral refers to an action or agreement made or performed by one party; executed means that the action has been completed or the agreement has been fully performed.
- Recognize and distinguish between unilateral and bilateral agreements.
- Understand the basic principle that a contract represents a promise or a collection of promises that are legally binding.
Verified Answer
MG
Melika golforoushMay 20, 2024
Final Answer :
C
Explanation :
It is a unilateral contract because the promise was one-sided and executed because both parties have performed fully.
Learning Objectives
- Recognize and distinguish between unilateral and bilateral agreements.
- Understand the basic principle that a contract represents a promise or a collection of promises that are legally binding.