Question
In: Finance
Ishmael’s, a local grocer, offers to purchase all of the corn produced by Whittaker Farms for...
Ishmael’s, a local grocer, offers to purchase all of the corn produced by Whittaker Farms for $4.15/bushel. Whittaker Farms agrees. Although at first glance this looks like an illusory contract because Whittaker Farms is not obligated to produce any corn, it is actually a valid ____ contract.
Solutions
Expert Solution
it is actually a valid Bilateral contract.
-
A bilateral contract is a contract in which both the party to the contract offered promises that is accepted by giving of return promise. It is an agreement formed by exchange of promises in which promise of one party(Here Local Grocer) is supported with the promise of other party(Whittaker).
jeff jeffy answered 2 years agoRelated Solutions
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