Asked by
Sarah Hipke
on Nov 27, 2024
Verified
A payment of funds or a delivery of goods must take place for a bilateral contract to be formed.
Bilateral Contract
A type of contract that arises when a promise is given in exchange for a promise.
Payment of Funds
The act of transferring money from one party to another as a form of compensation or fulfillment of an obligation.
- Determine the key components necessary for a legally binding agreement.
- Understand the critical role that consideration plays in establishing legally enforceable agreements.
Verified Answer
JL
Learning Objectives
- Determine the key components necessary for a legally binding agreement.
- Understand the critical role that consideration plays in establishing legally enforceable agreements.