a potential buyer of real estate offers to purchase an office building from its current owner for a price of $300,000 and the owner accepts. later, the buyer pays the owner and the owner signs over the title to the office building to the buyer. this contract involving two promises and two performances is known as a

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07-12-2022
Business

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a potential buyer of real estate offers to purchase an office building from its current owner for a price of $300,000 and the owner accepts. later, the buyer pays the owner and the owner signs over the title to the office building to the buyer. this contract involving two promises and two performances is known as a

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qwcricket qwcricket · Answer 1 · 2022-12-11T10:35:50-05:00

A contract involving two promises and two performances is known as a bilateral contract

A contract involving two promises and two performances is known as a bilateral contract. In a bilateral contract, each party makes a promise to the other party, and each party is required to fulfil their promise in order for the contract to be considered valid and enforceable. This type of contract is common in many different industries and can be used to establish a wide variety of business relationships, including sales contracts, employment agreements, and loan agreements.

In the given situation, a potential real estate buyer makes an offer to the building's present owner to acquire it for $300,000, and the owner accepts. Later, the buyer pays the seller, and the seller transfers ownership of the office building to the buyer by signing a document. Since the owner and the buyer are both parties to the agreement, which contains two promises and two obligations, the agreement is bilateral.

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