Question

In the context of contracts formed by promises, a bilateral contract is defined as: Multiple Choice an agreement in which a promise is made in exchange for performance. an agreement wherein at least one party has the right to withdraw without incurring liability. a judicial remedy to prevent one party from receiving unjust enrichment. an agreement containing mutual promises. one that appears to be an agreement but lacks an essential requirement for validity.

Answer 1

An agreement containing mutual promises. Workers on a building are guaranteed that their contractors will pay them at the end of each month.

How do bilateral contracts work?

A bilateral contract is a legally binding arrangement between two parties wherein each exchanges commitments to carry out and execute one-half of a deal. Because it makes both parties into what is known as an "obligor," or a person or party who is bound to another, this contract form is one of the most often utilized binding agreements.

Due to their widespread usage, sales contracts and bilateral contracts are frequently used interchangeably. An obligor has violated the bilateral agreement if they don't carry out their obligation (and of course, vice versa).

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