MULTIPLE CHOICE QUESTIONS continued: 3. Phil agrees to work for Vacation Resorts, Inc., as chef. In determination whether a contract has been formed, an element of prime importance is athe parties' intent. b. Phil's rate of pay c. the duration of the work. d. Vacation Resorts's facilities. 4. Hasmik and Nancy enter into a bilateral contract, which is created when Hasmik gives a promise in exchange for Nancy's a. payment of money only. b. performance of a particular act only. c. promise only. d. prudent awareness only. 5. Lulu works for LALA's Fun House. During work hours, Lulu steals her employer's computer time to start up her own business, called Lulu Land. This is a. burglary. b. robbery. c. larceny. d. no crime. 6. Sponge Bob makes an offer to Mr. Crabbs to enter into a contract. Mr. Crabbs accepts the offer. A valid contract requires a. an offer only. b. an acceptance only. c. an offer and an acceptance. d. neither an offer nor an acceptance. 7. Fish King Corporation and Zanku Chicken Corporation enter into an agreement. To constitute a contract, the terms a. must all be express. b. must all be implied. c. may be express, implied, or a mix of both. d. may be express or implied, but not both