Final answer:
Real estate sales contracts are bilateral contracts because they include mutual obligations between the buyer and the seller, where each party has specific responsibilities under a legal framework that enforces property rights and compliance.
Step-by-step explanation:
Real estate sales contracts are considered bilateral contracts because they involve two parties, each with mutual obligations. In the context of real estate, the buyer and seller are the two parties. The buyer agrees to purchase the property at the agreed-upon price, while the seller agrees to sell and transfer the property title to the buyer. This property includes the right to enter into contracts with others, and individuals or firms must own the property to enter into a contract.
Contractual rights are based on property rights, allowing individuals to enter into agreements with others regarding the use of their property and providing recourse through the legal system in the event of noncompliance. For economic growth to be facilitated, societies must create a legal environment that enforces contracts, hence reducing the risk of non-payment and enabling business transactions.