Understanding Contract Types Quiz

What is a bilateral contract?

• A promise for an act

• A promise for a promise

• A contract that is not expressed in words

• A contract that involves more than two parties

What characterizes a unilateral contract?

• A promise in exchange for another promise

• A promise in exchange for an act

• A contract that must be written

• A contract that involves only one party

Which type of contract is defined by being expressed in oral or written words?

• Implied contract

• Express contract

• Bilateral contract

• Unilateral contract

In a bilateral contract, how many parties must make a promise?

• One

• Two

• Three

• It varies

Which of the following is an example of a unilateral contract?

• A contract to sell a car where both parties agree on the price

• A reward offer for the return of a lost dog

• A lease agreement for an apartment

• A job contract with a salary agreement

What is NOT a requirement for an express contract?

• It must be in writing

• It must be expressed in words

• It must involve at least two parties

• It must be related to illegal activities

Which contract type can be formed without any spoken or written words?

• Express contract

• Bilateral contract

• Unilateral contract

• None of the above

In which scenario would a unilateral contract most likely be used?

• Hiring an employee

• Selling a piece of furniture

• Offering a reward for lost property

• Renting an apartment

What is a common feature of both bilateral and unilateral contracts?

• They both require an act in exchange for a promise

• They both involve at least two parties making promises

• They can both be express contracts

• They are both primarily used in illegal transactions

Which statement is true regarding the formation of contracts?

• All contracts must be written to be valid

• A contract cannot be formed without the involvement of a lawyer

• An express contract can be formed either orally or in writing

• Unilateral contracts are not legally binding