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Unformatted text preview: correct with regard to a contract?
All contracts must be in writing.
A person who deposits money in a bank account has entered into a contract with the bank.
A contract may be for a tortious purpose.
To be valid, a contract must be bilateral and cannot be unilateral. 503.
d. Which of the following is correct with regard to counteroffers?
A counteroffer operates as a rejection of the original offer.
A conditional acceptance is a common type of counteroffer.
The receipt of a counteroffer terminates the original offer.
All of the above are correct. 504.
c. Which of the following is enforceable without consideration?
A new promise to pay a debt barred by the statute of limitations
An illusory promise
A promise to supply all of the materials a manufacturer will need for the production of a certain
item for a specified period of time
A promise exchanged for a forbearance d. 505. Which of the following is least classifiable as a necessity for which a minor will be held liable
on a contra...
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