NameNature of Gontracts Guiz1. A unilateral contract is a type of ontrast in which each party plays two roles: apromisor and a promisee,TrueFalse2. A bilateral contract is a type of contract in which both parties play two roles: apromisor and a promisee.TrueFalse3. For a contract to be valid, each party to a contract must receive something of valuefor their efforts, What is the legal term used to describe the value that each partyreceives?4. For a contract to be valid, each party must have the same understanding of what iscontained in the contract. What is the legal term used to describe this commonunderstanding of the contract terms?5. For contracts to be considered legally binding, they must be established based onlawful subject matter. Which of the following are not requirements that the subjectmatter must meet in order to be considered lawful? (Select all that apply.)The subject matter does not violate any fundamental dictates of commonlaw.The subject matter does not go against the morals of the contractingparties.The subject matter is not contrary to public policy.The subject matter does not constitute a restraint of competition.The subject matter is not in conflict with the policies of the relatedprofessional organizations (such as ASCE or AGC).7. A contract in which some portion of the contract remains to be fulfilled is:8. What is the legal term used to describe a contract in which all requirements in thecontract have been fulfilled:9. What is the term used to describe a contract in which the terms of the agreement arenot clearly stated but are established through inference and deduction?ExpressSeveralImpliedUnilateralJointQuantum Meruit8. For a contract to be valid, each party must have the same understanding of what iscontained in the contract. What is the legal term used to describe this commonunderstanding of the contract terms?

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A unilateral contract is a type of contrast in which each party plays two roles: a promisor and a promisee. True False

Understanding Business

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ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

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Question

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Name
Nature of Gontracts Guiz
1. A unilateral contract is a type of ontrast in which each party plays two roles: a
promisor and a promisee,
True
False
2. A bilateral contract is a type of contract in which both parties play two roles: a
promisor and a promisee.
True
False
3. For a contract to be valid, each party to a contract must receive something of value
for their efforts, What is the legal term used to describe the value that each party
receives?
4. For a contract to be valid, each party must have the same understanding of what is
contained in the contract. What is the legal term used to describe this common
understanding of the contract terms?
5. For contracts to be considered legally binding, they must be established based on
lawful subject matter. Which of the following are not requirements that the subject
matter must meet in order to be considered lawful? (Select all that apply.)
The subject matter does not violate any fundamental dictates of common
law.
The subject matter does not go against the morals of the contracting
parties.
The subject matter is not contrary to public policy.
The subject matter does not constitute a restraint of competition.
The subject matter is not in conflict with the policies of the related
professional organizations (such as ASCE or AGC).
7. A contract in which some portion of the contract remains to be fulfilled is:
8. What is the legal term used to describe a contract in which all requirements in the
contract have been fulfilled:
9. What is the term used to describe a contract in which the terms of the agreement are
not clearly stated but are established through inference and deduction?
Express
Several
Implied
Unilateral
Joint
Quantum Meruit
8. For a contract to be valid, each party must have the same understanding of what is
contained in the contract. What is the legal term used to describe this common
understanding of the contract terms?

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