Tim and Sam Entered into a Bilateral Contract That Does

question 36

Multiple Choice

Tim and Sam entered into a bilateral contract that does not state a time for performance. In this case, the law infers that each party's performance is a:

• A) condition subsequent of the other party's duty to perform.
• B) constructive concurrent condition of the other party's duty to perform.
• C) constructive condition precedent of the other party's duty to perform.
• D) condition precedent of the duty of both parties to perform.

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Definitions:

Intangibles

Assets that lack physical substance but are nonetheless valuable to a company, such as patents, trademarks, goodwill, and copyrights.

Constructing

The process of building or assembling infrastructure, buildings, or other substantial physical structures.

Insurance Costs

Expenses incurred by individuals, businesses, or organizations for purchasing insurance policies to protect against risk and financial loss.

Parking Lot

An open area or a multi-story building designated and constructed for parking vehicles, often operated commercially or by municipal authorities.