D 1. Identify the correct statement about contracts. Generally speaking, contracts are a form of public law. When a legally enforceable contract is breached, the injured party cannot seek damages. A contract represents mutual assent to a bargained-for exchange between parties. All contracts are legally unenforceable promises. Universally, people disagree that breaching a contract carries ethical implications. D 2. The Uniform Commercial Code article 2: governs contracts that require offer, acceptance, and consideration. governs contracts which are void or voidable. governs land and houses. governs contracts between a merchant and the sale of goods. governs contracts for services. D 3. A(n) contract refers to the status of a contract that may be terminated due to some defect. inexistent dominant voidable non-negintique D 3. A(n) contract refers to the status of a contract that may be terminated due to some defect. inexistent dominant voidable non-negotiable rescissible D 4. In common-law contracts, the acceptance must be a(n) of the offer to constitute valid acceptance. equivocal and absolute acceptance requirement option contract consideration counteroffer In common law, which of the following together form mutual assent? Offer and acceptance Capacity and legality Acceptance and consideration Offer and consideration Legality and enforceability D 6. Mike promises to pay Tom $100 in exchange for Tom's promise to paint Mike's house. This is an example of a(n): unilateral contract. assignment. bilateral contract. illusory promise. invitation to bargain