Question

Ishmael’s, a localgrocer, offers to purchase all of the corn produced by Whittaker Farms for $4.15/bushel. Whittaker Farms agrees. Although at first glance this looks like an illusory contract because Whittaker Farms is not obligated to produce any corn, it is actually a valid ____ contract.

Answer 1

Since farms do not have liability to generate the corn so it is a valid Bilateral contract

What is the bilateral contract?

The bilateral contract is the contract in which both the parties are agreed to perform their work and give their acceptance of performing the work within the stipulated time. Here an agreement is formed in which there is an exchange of promise is done between two parties

Therefore according to the given situation, it is a valid plus bilateral contract.

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