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Please answer the below multiple choice question. This is for a Business Law course. A contract is ________ if one promise is given in exchange

Please answer the below multiple choice question. This is for a Business Law course.

A contract is ________ if one promise is given in exchange for another, and each party is bound by the obligation. (4 points)

a. Unilateral

b. Bilateral

c. Lateral

d. Formal

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