Valerie promises Teresa that she will pay Teresa $75 if Teresa will clean Valerie's house by noon on Saturday. If Teresa cleans the house by noon on Saturday and Valerie pays the $75, then this is an implied, bilateral, executory contract.

True / False.

Answer: False

Explanation:

An implied contract is when two or more parties have no written contract, but there is an obligation based on fairness. A bilateral contract is an agreement between two parties whereby each person agrees to fulfill his or her side of the bargain

An executory contract is a contract which has not yet been fully performed and both sides still have important performance remaining. The contract is not an implied, bilateral, executory contract.