Which of the following is true about a unilateral contract? It is a contract in which both parties make a promise. It is one in which the accepting party may only accept through an action. It is a contract wherein the terms of the contract are incomplete. It is one in which there are duties on both sides. It is a promise for a promise. 8. Which of the following requires certain types of contracts to be in writing to be enforceable? Rules of evidence The Statute of Frauds The substantive common law rule An exculpatory clause Identify the correct statement about common-law contracts. All common-law contracts must contain valid consideration. Common-law contracts provide more flexibility in contract formation than exists in the UCC. All common-law contracts are bilateral. Common-law contracts govern the sale of goods. Contracts between merchants are governed by common-law contracts. 10. is a standard of performance in a contract that requires perfect performance. Substantial performance Strict performance Tender of performance The reasonable person standard 11. The term for awarded damages which are "as much as is deserved" is: Quasi-contract Unjust enrichment Equitable remedy Promissory estoppel Quantum meruit 12. True or False. When a legally enforceable promise is broken, the injured party can seek damages. True False 13. True or False. Contracts are a form of private law because the terms contained within a contract bind the relevant parties, not the public as a whole. False True 14. True or False. Revocation is the retraction of an offer before it is accepted. True False D 15. True or False. A unilateral contract is one in which the accepting party may only accept through a promise. True False