The Basic Distinction Between a Bilateral Contract and a Unilateral

question 8

Multiple Choice

The basic distinction between a bilateral contract and a unilateral contract is:

• A) a unilateral contract is created by the courts rather than by parties to an agreement.
• B) one is enforceable, the other is not.
• C) one must be in writing, the other may be oral.
• D) only one promise is involved in a unilateral contract.

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Definitions:

U.S. Court of Appeals

A court within the federal judicial system of the United States that hears appeals from federal district courts.

No-action Letters

are statements issued by regulatory agencies indicating that the agency does not intend to take legal action against a specifically proposed activity.

Exempted Offerings

Securities offerings that are released from the registration requirements with the SEC, generally due to their limited nature.

Shareholder Proposals

Suggestions or demands made by shareholders for consideration and action by the company's board of directors.