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Bilateral Contract
An agreement where each of the two parties makes a promise or set of promises to the other.
Unilateral Contract
An agreement in which a promise by one party is exchanged for an act performed by the other party.
Executed
A term applied to a contract in which all of the terms have been fully performed.
Implied-In-Law
A legal obligation arising not from explicit agreement but from a duty inherent in social or legal traditions.
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