A property owner and a tenant enter into a written agreement whereby the owner will let the tenant live in a home in exchange for monthly rent. Which of the following types of contracts has been created?

A conditional contract is dependent on a specific condition being met before any obligations are fulfilled. In this case, the agreement does not rely on any conditions but rather establishes a direct exchange of promises between the two parties, making it a bilateral contract instead.

An assigned contract involves the transfer of rights or obligations from one party to another. While the tenant may have the right to assign their lease to another party under certain conditions, the original agreement between the property owner and the tenant is not classified as an assigned contract but as a bilateral one since both parties are actively engaged in their respective obligations.

An implied contract is formed through the actions or conduct of the parties involved rather than through explicit written or spoken terms. In this case, the existence of a written agreement explicitly detailing the obligations of both parties indicates that this is a bilateral contract, not an implied one.