When one party agrees to sell property to another for a specific amount in writing, what is the nature of the contract?

The correct answer is that the contract is an express bilateral contract. An express contract is one that is clearly stated in writing or verbally between the parties involved, making the terms clear and unambiguous. In this scenario, since one party agrees to sell property to another for a specific amount in writing, the intention and agreement of both parties are explicitly outlined.

Furthermore, it is a bilateral contract because both parties are agreeing to perform certain obligations. The seller agrees to transfer ownership of the property, and the buyer agrees to pay the specified amount. This mutual exchange of promises is a hallmark of bilateral contracts, where both parties are bound to fulfill their respective commitments.

This distinguishes it from unilateral contracts, where only one party makes a promise, and the other party fulfills a condition to accept that promise. An implied bilateral contract would arise from the actions of both parties rather than a clearly articulated agreement, and an oral contract, while potentially valid, does not provide the clarity and security of a written one in terms of enforceability. The written document solidifies the mutual understanding, making it a clear example of an express, bilateral contract.