Which of the following is correct with regard to

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361.Which of the following is correct with regard to consideration?a.In a unilateral contract, a promise is exchanged for an act or forbearance to act.b.In a bilateral contract, there is an exchange of promises.c.Legal sufficiency is always related to adequacy of consideration.d.Two of the above – a and b – are correct.362.Which of the following is correct with regard to a contract?a.All contracts must be in writing.b.A person who deposits money in a bank account has entered into a contract with the bank.c.A contract may be for a tortious purpose.d.To be valid, a contract must be bilateral and cannot be unilateral.363.Which of the following is correct with regard to counteroffers?a.A counteroffer operates as a rejection of the original offer.b.A conditional acceptance is a common type of counteroffer.c.The receipt of a counteroffer terminates the original offer.d.All of the above are correct.364.Which of the following is enforceable without consideration?a.A new promise to pay a debt barred by the statute of limitationsb.An illusory promisec.A promise to supply all of the materials a manufacturer will need for the production of acertain item for a specified period of timed.A promise exchanged for a forbearance365.Which of the following is necessary for the existence of an offer?a.A writingb.A conscious intent to contract on the offeror’s partc.Facts and circumstances that reasonably indicate the offeror’s intent to contractd.Reliance by the offeree on the offeror’s promise366.Which of the following is nota basic requirement of a contract?a.Mutual Assentb.Capacityc.Writingd.Legality of Object367.Which of the following is not a required element of a contract?a.Legalityb.Considerationc.Legal capacityd.A writing368.Which of the following is notalways necessary in order for a valid contract to be formed?a.Mutual assentb.Legality of purposec.A writingd.Competent parties
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Chapter 12 / Exercise 2
Anderson's Business Law and the Legal Environment, Comprehensive Volume
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61369.Which of the following is not effective when received?a.revocationb.acceptancec.offerd.rejection370.Which of the following is not generally required in order to have a valid contract?a.Mutual assentb.A lawful purposec.Fairness of the bargaind.Parties who have contractual capacity371.Which of the following is required for a “firm offer?”a.merchant, consideration, offer, acceptanceb.optionc.counterofferd.merchant, in writing, signed, not over 90 days

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Term
Fall
Professor
SCHUPP
Tags
The Lottery, Barbara Baker
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The document you are viewing contains questions related to this textbook.
Anderson's Business Law and the Legal Environment, Comprehensive Volume
The document you are viewing contains questions related to this textbook.
Chapter 12 / Exercise 2
Anderson's Business Law and the Legal Environment, Comprehensive Volume
Jennings/Twomey
Expert Verified

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