1.

A(n) ________ contract is commonly defined as a promise in exchange for a promise.

Multiple Choice

• unilateral

• trilateral

• executed

• bilateral

• classified

2.)

When a bilateral contract is being formed under the common law, ________ applies to the acceptance.

Multiple Choice

• the doctrine of mutual exclusivity

• the equal dignities rule

• the mirror-image rule

• a unilateral promise

• an invitation to negotiate

3.)

Consideration is defined as ________.

Multiple Choice

• being cordial in the negotiation of contracts

• refraining from unethical behavior in the negotiation of contracts

• being both cordial and refraining from unethical behavior in the negotiation of contracts

• a bargained-for exchange

• a contract negotiated in person rather than by telephone or e-mail