Which of the Following Is True About a Unilateral Contract

question 100

Multiple Choice

Which of the following is true about a unilateral contract?

• A)It is a contract in which both parties make a promise.
• B)It is a contract wherein the terms of the contract are incomplete.
• C)It is one in which the accepting party may only accept through an action.
• D)It is a promise for a promise.
• E)It is one in which there are duties on both sides.

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Definitions:

Price of Y

This generally refers to the cost required to purchase a specific item or commodity denoted as "Y".

Income

Funds acquired regularly as a result of work or investment ventures.

Utility Function

Represents a consumer's preferences in a way that the utility or satisfaction they get from various goods or services can be measured and compared.

Budget Constraint

A limitation on the consumption choices of individuals or households, based on their income and the prices of goods and services.