une he or she entered into the contract. YALAM MALAYSIAN W A. True B False 53. A bilateral contract is a contract entered into by way of an exchange of promises of the parties. A. True B. False 54. Harry and Sue enter into a contract. The terms are handwritten in a brief paragraph on a piece of paper and both Harry and Sue sign the paper. This is an example of a formal contact A. True B. False 55. A valid contract is a contract that meets all of the essential elements to establish a contract. A. True B. False 56. Tom and Bill entered into a contract. Tom agreed to mow Bill's lawn and Bill agreed to pay Tom $100.00 for doing this. Right after they made this contract, but before Tom mowed the lawn and before Bill paid him, the contract would be described as an executed contract. A. True B. False 57. With respect to the contract referred to in the previous question, assume Tom mowed the lawn and Bill paid him the $100.00. The contract would now be described as an executory