Jack and Jill Exchange a Promise for an Act

question 105

Multiple Choice

Jack and Jill exchange a promise for an act. They have created which of the following?

• A) An invalid verbal contract
• B) A unilateral contract
• C) A bilateral contract
• D) A tort contract

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Definitions:

Sales Budget

An estimate of expected sales revenue for a particular period, forming the basis for setting other budgets in the company.

Finished Goods Inventory

Products that have completed the manufacturing process but have not been sold or distributed to customers yet.

Specialized Electrical Switches

Custom or bespoke electrical switches designed for specific purposes, often requiring detailed engineering and manufacturing processes.

Production

The process of creating goods and services from various resources, including labor, raw materials, and machinery.