Aaron promises to sell his boat to Matt, and Matt promises to buy it from Aaron. What type of contract is this? Group of answer

Question

ryzh [129]

4 years ago

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Aaron promises to sell his boat to Matt, and Matt promises to buy it from Aaron. What type of contract is this? Group of answer

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Business

1 answer:

Minchanka [31] · Answer 1 · 2022-01-12T06:22:50+03:00

Answer: c. A bilateral contract

Explanation:

In a bilateral contract, the parties involved promise to both perform duties to the other which will make them both an obligor and an obligee.

An obligor is one who owes a duty to another and the obligee is one who a duty is owed to.

Aaron both owes a duty to sell the boat to Matt as well as being owed by Matt the duty to buy his boat. The same goes for Matt thus making this a bilateral contract.