Catherine and Greg Currently Have an Exchange Relationship with One

question 36

Multiple Choice

Catherine and Greg currently have an exchange relationship with one another.This means that their relationship is likely ________ and is governed by ________.

• A) short-term; the principle of need
• B) long-term; the principle of need
• C) short-term; concerns about equity and reciprocity
• D) long-term; concerns about equity and reciprocity

---

Definitions:

Bilateral Contract

An agreement where each of the two parties makes a promise or set of promises to the other.

Unilateral Contract

An agreement in which a promise by one party is exchanged for an act performed by the other party.

Executed

A term applied to a contract in which all of the terms have been fully performed.

Implied-In-Law

A legal obligation arising not from explicit agreement but from a duty inherent in social or legal traditions.