MULTIPLE CHOICE 26. Contract law is said to be based on the existence and interp

Question

MULTIPLE CHOICE 26. Contract law is said to be based on the existence and interpretation of the contract is based on the manifestations of intent by the parties. (1.5 PTS. EA) theory, meaning that a(n) a. Interpretive b. Unilateral c. Appearing d. Subjective e. Objective 27. If a(n) misunderstanding between the parties exists, and as a result of that misunderstanding the parties do not really come to a meeting of the minds, there is no contract. a. Unilateral b. Reasonable c. Subjective d. Mutual e. Comprehensive 28. A(n)_contract is commonly defined as a promise in exchange for a promise. a. Bilateral b. Complete c. Unilateral d. Classified e. Trilateral

Explanation / Answer

26. (e) Objective

This theory states that an agreement between the parties exists if a reasonable person could understand the acts and behaviors of the parties enough to objectively construct agreement.

27. (d) Mutual

If a mutual misunderstanding is there, there will be no agreement by both the parties and hence there will be no contract.

28. (a) Bilateral

A bilateral contract calls for duty of both the parties to perform their acts.

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