Matt promises to pay Ted $100 in exchange for Ted's promise to paint Matt's house. This is an example of a(n): illusory promise. bilateral contract unilateral contract. invitation to bargain. assignment Identify the correct statement about common-law contracts. O Contracts between merchants are governed by common-law contracts. Common-law contracts govern the sale of goods. Common-law contracts provide more flexibility in contract formation than exists in the UCC All common-law contracts are bilateral. All common-law contracts must contain valid consideration If a tortfeasor is engaged in certain activities and someone is injured or killed, then under the tortfeasor is held liable no matter how careful or careless he or she may have been. the tort of negligence misrepresentation strict liability intentional tort O injurious falsehood To prove negligence, plaintiffs have to demonstrate four elements are present. The first element is that the plaintiff has to: demonstrate that the defendant breached a duty of care. demonstrate legally recognizable injuries. O prove that the defendant's actions were the proximate cause of the plaintiff's injury prove that the defendant's conduct caused the injury. demonstrate that the defendant owed it a duty of care. Which of the following is an example of real property? iPod Stocks O Mineral rights Patents Virtual stores