ContractsTypes_of_contractsEASY
The buyer promises to pay the purchase price and the seller promises to convey title. What type of contract is created by those exchanged promises?
Correct Answer
D) Bilateral contract
Bilateral contract is correct because the facts match a contract formed by the exchange of mutual promises. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Unilateral contractB
Executory contractC
Executed contractD
Bilateral contractWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Contracts Question
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Background Knowledge for Contracts
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Real World Application in Contracts
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Common Mistakes to Avoid on Contracts Questions
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Related Topics & Key Terms
Key Terms:
types_of_contractscontractsbilateralcontract_type
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