In a Bilateral Contract, Each Party Will Be a Promisor

question 4

Multiple Choice

In a bilateral contract, each party will be a promisor and, therefore, each party will:

• A) be an obligor.
• B) be able to avoid the contract.
• C) not be in privity of contract.
• D) be an agent for the other side.

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Definitions:

Celler-Kefauver Act

A U.S. law passed in 1950 to amend the Clayton Act, aimed at preventing anticompetitive mergers and acquisitions by closing loopholes regarding asset purchases.

Interlocking Directorates

The practice of having the same individuals serve on the boards of directors of multiple companies, potentially influencing competitive practices.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed in 1890 to preserve free and unfettered competition as the rule of trade.

U.S. Justice Department

The federal executive department responsible for enforcing the laws of the United States and administering justice.