Assignment

a) A contract in which both parties are legally bound to perform their side of the agreement. b) A unilateral contract is a contract whereby only one party promises to perform an act if the other party performs a stipulated act, but the other party is not under an obligation to perform the stipulated act. c) A contract involving only one party. d) A contract that either party can withdraw from at any time. 47. What are the requirements for a valid and binding contract? a) Offer, acceptance, consideration, and intention to create legal relations. b) Offer, acceptance, certainty, practicality, and intention to create legal relations. c) Offer, acceptance, certainty, consideration, and reasonableness. d) Offer, acceptance, certainty, consideration, and intention to create legal relations. 48. Which ONE of the following usually amounts to an offer? a) Goods sold through a machine. b) Advertisements. c) Displays of goods. d) An invitation to submit a tender. 49. An offer can be terminated in a number of ways. Which ONE of the following is NOT an effective way to terminate an offer? a) Rejection by the offeree. b) Failure of a condition precedent. c) Revoking the offer following acceptance. d) Lapse of a reasonable time. 50. Which ONE of the following statements regarding acceptance is true? a) Silence does not constitute valid acceptance. b) An offeree can accept an offer of which he was not aware. c) Generally, there is no need for an offeree to communicate his acceptance to the offeror. d) Generally, acceptance need not precisely match the terms of the offer. 51. What is the principal effect of a counter-offer? a) A counter-offer destroys the original offer and replace it with a new offer. b) A counter-offer creates a binding contract based on the terms of the counter-offer. c) A counter-offer creates a new offer, but the original offer is still capable of being accepted. d) A counter-offer creates a binding contract based on the terms of the original offer