2 Paytime Inc., makes an offer to Lenora to enter into a contract to work as a salesperson for a certain base salary plus commission for ninety days subject to a one-year renewal based on her performance. Lenora accepts the offer. A valid contract requires

a. a price and a subject.

b. a duration and termination provision.

c. an offer and an acceptance.

d. specific quality standards.

3. James tells Mark he will give him a new TV if Mark does Levis chores for a month. Mark promises to do the chores. Mark and Jame have formed a

a. a bilateral contract.

b. a formal contract.

c. a unilateral contract.

d. no contract.

4. Lomberti, Inc., enters into an informal contract with JO Janitorial Company for custodial services for Lombertis buildings. This means that the parties contract

a. requires no special form.

b. is freely open to either partys interpretation.

c. is subject to change by either party, within reason.

d. is not yet completely formed