Practice Quiz

CLEP Business Law

Category - Contracts

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Doug asks Dan if he would help him move to his new home. He offers Dan $500. Dan accepts Doug's offer. The agreement between Doug and Dan is an example of what type of contract?
  1. Implied
  2. Unenforceable
  3. Bilateral
  4. Unilateral
  5. Void
Explanation
Answer: C. The agreement between Doug and Dan is an example of a bilateral contract. A bilateral contract is formed by an exchange of promises. A unilateral contract is formed when one party promises to do something, but the other person does not promise anything. Instead, the other person actually performs the act.
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