Contract Law

A bilateral contract involves a promise for a:

• option

• debt

• promise

• none of these

Another name for a contract implied in law is a________ contract.

• executed

• quasi

• unilateral

• bilateral

An implied contract arises from the ___________________ of the parties.

• competence

• legality

• execution

• actions

If Mrs. Conte pays Mr. Mattera $50 to keep an offer for the sale of a computer open for a definite length of time, their agreement is called a(n):

• option

• revocation

• rejection

• counteroffer

Pete offered to sell a camera to Bart but then withdrew the offer before Pete could accept. Pete's withdrawal is called a(n):

• option

• revocation

• rejection

• counteroffer

Tom said to Lois, ."I'll sell you my car for $5,000." Lois replied, "I'll take it for $3,500." This is considered a(n):

• option

• revocation

• rejection

• counteroffer

Candy offered to sell her used tv to Jones for $2,000. Jones refused. The offer has been terminated by ______________.

• an option

• revocation

• rejection

• a counteroffer

Except as provided by statue, oral contracts are just as enforceable as written contracts.

• true

• false

One advantage of a written contract over an oral contract is that a written contract needs no witnesses to establish its existence and terms.

• true

• false

An oral contract to pay another's debt:

• is enforceable

• is not enforceable

• is valid

• is executed