True/False
Indicate whether the
statement is true or false.
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1.
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All contracts are considered bilateral under the
law.
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2.
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Contracts inferred by the acts of the parties are
known as quasi-contracts.
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3.
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A contract may be both valid and
unenforceable.
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4.
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A formal contract is a written
contract.
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5.
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Silence is acceptance of an implied-in-fact
offer.
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Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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6.
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A promise for a promise is an example
of:
a. | A bilateral contract | c. | A formal contract | b. | A unilateral
contract | d. | An executory contract |
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7.
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A contract that one party may avoid with being in
breach is
a. | Void | c. | Voidable | b. | Valid | d. | Executory |
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8.
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All written contracts are
a. | Formal | c. | Bilateral | b. | Valid | d. | Executed |
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