Each possible answer to the question posed in a market is known as a ‘contract’. Markets that ask simple yes or no answers are known as ‘single-contract markets’, while those with multiple possible choices – like the winner of an election – are called ‘multiple-contract markets’.
Single-contract markets resolve either to ‘Yes’ or ‘No’. In multiple-contract markets, only one contract can resolve to ‘Yes’. All others will resolve to ‘No’. It is also possible for every contract in a market to resolve to ‘No’, although this is unusual.