Contracts between two parties can be classified as either unilateral or bilateral, depending on whether one or both of the parties make a legally enforceable promise. Contracts can be further classified as bargaining contracts or contracts of adhesion, depending on whether both parties, as equals, set the terms and conditions of the contract or whether the contract was prepared by one party and accepted by the other party without any bargaining between the parties. With respect to these classifications of contracts, life and health insurance policies are classified as ________.
1) Unilateral bargaining contracts
2) Bilateral contracts of adhesion
3) Unilateral contracts of adhesion
4) Bilateral razining acts