Which type of contract involves an exchange of promises between two parties?

Executed contracts refer to agreements that have been fully performed by all parties involved. While executed contracts can be bilateral if they involve mutual promises, the term itself does not inherently denote an exchange of promises. Instead, it focuses on the completion of the terms of the contract, which does not directly answer the question about the nature of the promises exchanged.

The term "mutual" describes a general quality of agreements that involve shared responsibilities or benefits but does not specifically refer to the exchange of promises between parties. While it can apply within the context of contracts, it lacks the precise definition needed to answer the question regarding the type of contract based on the nature of the commitments made.

Unilateral contracts involve a promise made by one party in exchange for the performance of an act by another party. In this case, only one party is bound to fulfill a promise, which does not constitute an exchange of promises as required by the question. Therefore, unilateral contracts are not the correct answer.