In the Context of Contracts Formed by Promises,which of the Following

question 113

Multiple Choice

In the context of contracts formed by promises,which of the following is an agreement containing mutual promises?

• A) unilateral contract
• B) quasi-contract
• C) express-in-fact contract
• D) bilateral contract
• E) implied-in-fact contract

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Definitions:

Secondarily Liable

Refers to the condition where an individual or entity is not the primary debtor but still holds responsibility to fulfill an obligation if the primary party fails to do so.

Breach Of Warranty

A violation of the guarantees or assurances provided by a seller regarding the quality, condition, or functionality of a product.

Inducement

A factor or incentive that leads someone to follow a particular course of action or to engage in certain behaviors.

Surety

represents a guarantee or security provided by a third party, ensuring the fulfillment of an obligation.