Asked by Ashna Malhotra on Jun 28, 2024
Verified
A[n] ________ contract is commonly defined as a promise in exchange for a promise.
A) Unilateral
B) Trilateral
C) Complete
D) Bilateral
E) Classified
Bilateral
Bilateral refers to involving two parties, typically countries or individuals, especially in agreements, treaties, or transactions where both sides have reciprocal obligations or rights.
Promise
A commitment or assurance given by one party to another that they will do or not do something in the future.
- Discern the varying necessities and ramifications of bilateral versus unilateral contracts.
Verified Answer
MM
Matthew MorinJun 29, 2024
Final Answer :
D
Explanation :
A bilateral contract involves two parties where each party makes a promise to the other. This contrasts with a unilateral contract, where one party makes a promise that the other party can accept only through an action.
Learning Objectives
- Discern the varying necessities and ramifications of bilateral versus unilateral contracts.
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