Which of the following is a characteristic of a bilateral contract?

A bilateral contract is fundamentally characterized by the mutual promises made by both parties involved. In this type of contract, each party agrees to perform a specific obligation, creating a reciprocal relationship. The essence of a bilateral contract lies in this exchange of promises, where one party's promise is contingent upon the other party's promise. When both parties fulfill their obligations, the contract is executed successfully.

In contrast, a unilateral contract involves only one party making a promise in exchange for an act performed by another party, which distinguishes it from the bilateral nature. Additionally, legal consideration, which refers to something of value exchanged between the parties, is typically a requirement for enforceability in contracts, including bilateral contracts. Therefore, saying that no legal consideration is required would not accurately describe a valid bilateral contract, and stating that it is not enforceable fails to recognize the binding nature of the mutual promises made.