The reasonable person standard is used to decide whether an express contract exists Quasi-contract rules Objective theory of contracts. Standard offer requirements Contract existence standard guidelines. Nondisclosure rules 31. A contract is formed by the performance of the requested act in what kind(s) of the a. b. c. d. e. contract? a. Bilateral Unilateral Both A and B. Neither A nor B. c. d. a. C. a 32. What is the name of the act recently drafted by the National Conference of Commissioners on Uniform State Laws in response to the growth in business conducted over the Internet? The Uniform Computer Information Transactions Act. b. The Standard Internet Commerce Act. The Uniform Computer Transaction Code. d. The New Millennium E-Commerce Act. 33. Which of the following are two terms for concept or situation? Implied-in-law contract and implied-in-fact contract. b. Implied-in-law contract and quasi-contract. Implied-in-fact contract and quasi-contract. Unilateral contract and informal contract. Formal contract and implied-in-law contract. 34. Which of the following is true regarding contract validity? A void contract is one where a party has the option to avoid his/her contractual liability b. A voidable contract is one in which a party may avoid his/her obligation under that contract. A voidable contract is one that has no legal effect because one of the essential elements is missing d. An executory contract is also unenforceable. A unilateral contract is unenforceable. C d e. c. e