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As soon as promises are exchanged a bilateral contract comes into existence True False QUESTION 23 A covenant not to compete is enforceable even if it is unreasonable in duration and geographic area. True False QUESTION 24 If Chad approaches Felicia and agrees to pay her $40,000 not to open a competing restaurant near Chad's Cafe, this agreement will likely be a. unenforceable because it is against the law. b. enforceable since $40,000 is a lot of money. c. unenforceable because it is against public policy. d. enforceable because opening up a store is an action that Felicia has the legal right to do, The Gossip Galore Web site asks followers to "send us your gossip and we might share it with the world." Pat submits a story about a celebrity and writes, "I accept your offer." Gossip Galore and Pat have a. a contract for the publication of Pat's story. b. a contract to consider Pat's story before any others. c. a contract to negotiate for the publication of Pat's story. d. no contract. QUESTION 26 If parties fully perform a contract it is called an executory contract. True False QUESTION 27 Minors have an unlimited amount of time after the minor reaches the age of majority to disaffirm a contract. True False Beatrice sells Beatrice's Bakery to Delila. In the contract of sale, there is a covenant not to compete that prohibits Beatrice from opening another Bakery within 600 miles. If a court concludes that this restriction is unreasonable, it will most likely a. award Betty damages equal to the speculative profit of a closer store. b. reform the covenant to a reasonable distance. c. prohibit both parties from opening bakeries. d. order Diane to stop doing business. QUESTION 29 Plumbers Palace, Inc. offers Geraldine a job as a plumber without any time for acceptance specified in the offer. The offer will terminate a. after a reasonable period. b. never. c. after a work week (five business days). d. after a month (thirty calendar days)