Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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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
Voidable Contracts

The correct answer is: 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.