Question: 1.In most cases, an enforceable contract has to include consideration, which a is defined as an offer extended from one party to the other b.must

1.In most cases, an enforceable contract has to include consideration, which

a is defined as an offer extended from one party to the other

b.must be an exchange of legal value between the parties to the agreement

c. must be morally or economically adequate to make the bargain a fair one

d.means that both parties have full mental capacity to form an agreement

2.You and I verbally agree that you will buy my bicycle for $200. This is a(n)

a.express contract

b.implied contract

c.unilateral contract

d.quasi-contract

3.The purpose of contracts is

a.to facilitate economic transactions between individuals

b.to bring order to medieval societies

c.to limit personal freedom

d.to eliminate any disagreement in economic exchanges

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