Author Question: Briefly discuss the meaning of bilateral, unilateral, executory, and executed ... (Read 83 times)

asmith134 · **on:** Jun 24, 2018

Briefly discuss the meaning of bilateral, unilateral, executory, and executed contracts.

Question 2

Which of the following statements most accurately describes the traditional economic climate in developing countries?
A) They are largely communist countries.
B) They have well-developed free market mechanisms.
C) They have mixed economies with strong central planning features.
D) The economies of developing countries make them practically unsuitable for Western companies to do business there.

Tabitha_2016 · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

In a bilateral contract, both parties make a promise to do something. In a unilateral contract, one party makes a promise that the other party can accept only by actually doing something. A contract is executory when it has been made, but one or more parties has not yet fulfilled its obligations. A contract is executed when all parties have fulfilled their obligations.

Answer to Question 2

C