Law Chapter 5 and 6

An express contract must be written.

• True

• False

In a unilateral contract, one person promises to do something if and when the other person performs some act.

• True

• False

A binding contract exists when each party receives a benefit and each suffers a detriment.

• True

• False

A valid contract must contain at least four of the six elements of a contract.

• True

• False

Social promises are enforceable in a court of law.

• True

• False

The taking back of an offer by the offeror is

• revocation

• rejection

• cancellation

• consideration

A contract that amounts to nothing and has no legal effect is

• unenforceable

• voidable

• void

• unilateral

A contract that contains a promise by both parties is

• express

• implied

• bilateral

• unilateral

A contract that is stated on the wall for all to see and decide if they desire to accept it is called.

• express

• implied

• bilateral

• unilateral

The Silva brothers owned an ABA team in this city before the team folded?

• Chicago

• St. Louis

• Dallas

• New York