Asked by Shayal Shiwani on Jul 13, 2024
Verified
Suppose that Dakiyah promises to pay Fernando $300 for his television.Fernando promises to sell Dakiyah his television for $300.The parties have not documented the transaction in writing.Which of the following is an accurate statement regarding this arrangement?
A) There is no contract between the parties because the promises are not in writing.
B) This is a unilateral contract.
C) This is merely an invitation to negotiate.
D) There is an oral contract.
E) Dakiyah's promise constitutes an offer,while Fernando's promise is a counteroffer.
Unilateral Contract
A contract in which only one party makes a promise or undertakes a performance without requiring a reciprocal agreement from the other party, often associated with reward scenarios.
Oral Contract
An oral contract is an agreement between parties that is made verbally without written documentation but is still legally binding.
Counteroffer
A response to an original offer, modifying its terms, which effectively rejects the original offer and puts forward a new one for consideration.
- Identify the differences between unilateral and bilateral agreements, including their prerequisites.
- Understand the standards for legally binding contracts and the importance of reciprocal consideration.
Verified Answer
Learning Objectives
- Identify the differences between unilateral and bilateral agreements, including their prerequisites.
- Understand the standards for legally binding contracts and the importance of reciprocal consideration.
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