Asked by Emmah Mathenge on May 31, 2024
Verified
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.
- Identify and describe different types of contracts (bilateral, unilateral).
Verified Answer
SP
Stephanie PinedaJun 07, 2024
Final Answer :
C
Explanation :
Kathleen and Julia exchanging promises with each other is the essence of a bilateral contract, where both parties are bound by a mutual agreement to fulfill certain obligations.
Learning Objectives
- Identify and describe different types of contracts (bilateral, unilateral).