Identify the Correct Statement About Common-Law Contracts

question 49

Multiple Choice

Identify the correct statement about common-law contracts.

• A)All common-law contracts are bilateral.
• B)Common-law contracts govern the sale of goods.
• C)Contracts between merchants are governed by common-law contracts.
• D)Common-law contracts provide more flexibility in contract formation than exists in the UCC.
• E)All common-law contracts must contain valid consideration.

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Definitions:

Affidavit

A written statement confirmed by oath or affirmation, for use as evidence in court.

Witness

An individual who has knowledge about a fact or event, often called upon to testify in court.

Civil Litigation Trial

The court process in which parties in a dispute present their case to a judge or jury, involving non-criminal matters.

Plaintiff

An individual or entity who initiates a lawsuit against another in a court of law.