ContractsQuestion 52 of 120
A contract in which only one party makes a promise, such as an option to purchase, is a:
a.Bilateral contract
b.Voidable contract
c.Executed contract
d.Unilateral contract
Explanation
In a unilateral contract, one party makes a promise in exchange for the other party's performance, rather than a mutual exchange of promises. An option is a common example: the seller promises to keep the offer open, but the buyer is not obligated to buy. A bilateral contract, by contrast, involves promises by both parties.
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Related questions on this topic
- For a real estate contract to be enforceable, the Statute of Frauds generally requires that it be:
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