Sigmund Enters into a Contract with Carl

question 22

Multiple Choice

Sigmund enters into a contract with Carl.The terms are that Sigmund will purchase all the gasoline that he wants to purchase in 2011 at a price of $2.50 per gallon,and Carl agrees to sell on those terms.This is an example of a(n) :

• A)valid contract.
• B)illusory contract.
• C)voidable contract.
• D)implied contract.

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Definitions:

Stamp Act

A 1765 British law that imposed a tax on the colonies by requiring them to purchase and use stamped paper for legal documents, newspapers, and other publications, leading to widespread protest in the American colonies.

Colonial Protests

Acts of resistance or demonstration by colonial populations against the policies, rules, or taxes imposed by colonial powers or governing entities.

Patrick Henry

An American attorney, planter, and orator best known for his declaration to the Second Virginia Convention: "Give me liberty, or give me death!"

Tea Act

A 1773 law passed by the British Parliament to reduce the massive amount of tea held by the financially troubled British East India Company in its London warehouses and to help the struggling company survive.