Contracts are typically between one party

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Reference no: EM132278445

1. Pancake House, a local breakfast diner, issues "frequent buyer" cards to its customers and stamps the card each time a customer buys a stack of pancakes. Pancake House promises to give any customer a free stack of pancakes if the customer buys 10 stacks of pancakes and has his "frequent buyer" card stamped 10 times. This is an example of a(n) ________ contract.

unilateral

bilateral

promissory

illegal

2. Contracts are typically between one party and:

an international agency on commerce

the federal government

the state government

another private party

3. A newspaper advertisement for Cashmere Closet states "This Saturday 9 a.m., 1 Red Cashmere Scarf, worth $299.95… $10.00 First Come First Served." Which of the following statements is false?

The ad is clear and specific about what was being offered and asked for in exchange.

The ad lacks intent to constitute an offer.

The number of people who have the power of acceptance is limited.

4. Why does a rejection by the offeree terminate his power to accept the offer?

It indicates that the offeree is uninterested.

It indicates his inability to perform the contract.

It allows the offeror to approach a different offeree.

It indicates a lack of intent making any future contract illegal.

Reference no: EM132278445

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