1. Which is a true statement about bilateral contracts

a. The offeree can accept by merely promising to perform.

b. The contract is discharged when both parties have fulfilled their duties and obligations.

c. No performance of a material duty or obligation need take place at the time of contract formation.

d. All of the above.

2. Which is an example of a material (essential) term required to be included in an enforceable contract

a. Money/consideration to be paid.

b. Identification of the object or contract subject matter.

c. Description of parties.

d. All of the above.

3. Which is nota way that an offer can be terminated by action of the parties

a. Offeror revokes (withdraws) offer after offerees acceptance.

b. Offeror performs acts inconsistent with the existence of the offer (e.g., transacts the same business with a different offeree).

c. The offeree rejects the offer.

d. The offeree counteroffers.

4. Paragon Painters agrees to paint Wilhelms house, their contract specifies that a particular brand of paint be used to perform the work. Paragon completes the paint job on time but uses a different, but comparable, brand of paint. Referencing the holding of the Reading Pipe case, this is most likely

a. an absolute excuse for Wilhelms refusal to pay.

b. a material breach.

c. incomplete performance.

d. substantial performance