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BUSA 2106 - Test 3 Questions with Complete Solutions
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According to your PowerPoint Lecture, which of the following is accurate regarding contracts? A) they are an exchange of promises B) they must be in writing C) they must be formal Correct answer-A A contract in which contains one promise conditioned on an act (Hint: Pat promises to pay $1,000 to Alex upon performance i.e. meeting a sales goal)? A) bilateral contract B) unilateral contract Correct answer-B What type of contract may arise from the conduct of the parties rather than words (i.e. your cell phone contract expires on 12/31/XX but you keep using your phone and AT&T keeps billing you)? A) express contract B) implied in law contract C) implied in content contract D) implied in fact contract Correct ans
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