A Promise That Can Be Accepted Only by the Performance

question 38

Multiple Choice

A promise that can be accepted only by the performance of the person to whom it is offered is an example of:

• A) a bilateral contract.
• B) a unilateral contract.
• C) an implied contract.
• D) a quasi-contract.

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Definitions:

Radio Signal

An electronic transmission of electromagnetic waves that can carry audio, data, or video signals.

Marginal Cost

The charge for generating one more unit of a product or service.

Total Willingness to Pay

The maximum amount an individual or group is willing to pay for a good or service, reflecting the total value they derive from it.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone and one person's use does not reduce availability to others, examples include public parks and national defense.