Final answer:
A signed and accepted real estate purchase contract is considered a bilateral contract, as both parties have made promises to each other that are legally binding.
Step-by-step explanation:
A signed and accepted real estate purchase contract is an example of a bilateral contract. In a bilateral contract, both parties make promises to each other, which legally binds them to fulfill these promises. For instance, in a real estate purchase, the buyer promises to pay the agreed price, while the seller promises to deliver the property's title. A signed and accepted real estate purchase contract is considered a bilateral contract, as both parties have made promises to each other that are legally binding.