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 the occurrence of a specific event before obligations are enforced. In this case, the agreement does not hinge on any conditions but is based on the straightforward exchange of promises between the two parties. Therefore, it does not qualify as a conditional contract.

An assigned contract refers to a situation where one party transfers their rights or obligations under a contract to another party. This scenario does not involve any transfer of rights or obligations; it is simply an agreement between the property owner and tenant, making "assigned" an incorrect label for this contract type.

An implied contract is formed by the actions or circumstances of the parties involved rather than through a written or spoken agreement. While the tenant's right to live in the home and the owner's right to receive rent could be inferred from their actions, the existence of a written agreement clearly establishes the terms, classifying it as a bilateral contract instead.