Question

BUSINESS LAW

Question 9

A contract requiring complete performance in exchange for a promise.

Answers:

A. Bilateral

B. Lateral

C. Multilateral

D. Unilateral

Question 10

A contract consists o any set of mutual promises to perform.

Answers:

True

False

Question 11

“Equity" is just an outdated term for "law".

Answers:

True

False

Question 12

The courts favor bilateral contracts over unilateral ones.

Answers:

True

False

Answer 1

1) B. *Lateral Contract*

In the lateral contact , both the parties have to perform.

2) *True*

A contract involves the promises between two parties for exchange of goods , services or money.

3) *False*

Equity and law both are different things. Law is the set of rules that regulates the activities of the community whereas equity refers to providing justice to people on the basis of natural laws.

4) *True*

It is true that courts prefers bilateral contract over unilateral contract as unilateral contracts are more complicated.

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