Introductory Business Law CLEP Prep Practice Exam 2026 - Free Practice Questions and Study Guide

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What type of contract includes an agreement between two or more parties, each of whom can be held responsible for their part of the deal?

Sole Contracts

Unilateral Contracts

Bilateral Contracts

Bilateral contracts are the only type of contract listed that involves two or more parties. Sole contracts involve only a single party. Unilateral contracts are agreements where only one party is legally obligated to fulfill the terms. Voidable contracts are agreements that can be legally terminated for various reasons. Therefore, the only option that accurately describes an agreement between two or more parties who are each responsible for their part of the deal is a bilateral contract.

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Voidable Contracts

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