When Is a Unilateral Contract Created

question 22

Multiple Choice

When is a unilateral contract created?

• A) When both parties agree to the terms of performance of a single contract
• B) When both parties agree to promise a single act each as a contract
• C) When a promise is made in exchange for performance
• D) When performance is complete but payment has not been made

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Definitions:

Medicare Tax Rate

The percentage of an individual's wages that is withheld or paid toward Medicare, a U.S. government health insurance program.

Net Pay

The amount of an employee's income after all deductions like taxes, insurance, and retirement contributions have been subtracted.

Social Security

A government program that provides financial assistance to people with inadequate or no income, such as the elderly, disabled, and survivors.

Medicare Tax

A federal tax that funds Medicare, health insurance for individuals over 65; deducted from employees' paychecks.