Jan and Lee have formed bilateral contract.
- A bilateral agreement is one in which both sides share performance commitments. The promise of one party is given in exchange for the promise of the other. Each party is therefore an oblige on the other's pledge and an obligor on their own.
- A bilateral contract is a legally binding arrangement wherein the parties swap commitments to carry out and fulfill one of the terms of the agreement.
- The number of parties making a promise is initially the most visible distinction between bilateral and unilateral contracts. While unilateral contracts only require action on the part of one party, bilateral contracts require at least two parties.
Thus the answer is option A.
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