Which of the following is correct with regard to

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 limitations
b. An illusory promise
c. 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
d. A promise exchanged for a forbearance
365. Which of the following is necessary for the existence of an offer?
a. A writing
b. A conscious intent to contract on the offeror’s part
c. Facts and circumstances that reasonably indicate the offeror’s intent to contract
d. Reliance by the offeree on the offeror’s promise
366. Which of the following is not a basic requirement of a contract?
a. Mutual Assent
b. Capacity
c. Writing
d. Legality of Object
367. Which of the following is not a required element of a contract?
a. Legality
b. Consideration
c. Legal capacity
d. A writing
368. Which of the following is not always necessary in order for a valid contract to be formed?
a. Mutual assent
b. Legality of purpose
c. A writing
d. Competent parties

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369. Which of the following is not effective when received?
a. revocation
b. acceptance
c. offer
d. rejection
370. Which of the following is not generally required in order to have a valid contract?
a. Mutual assent
b. A lawful purpose
c. Fairness of the bargain
d. Parties who have contractual capacity
371. Which of the following is required for a “firm offer?”
a. merchant, consideration, offer, acceptance
b. option
c. counteroffer
d. merchant, in writing, signed, not over 90 days