Which of the Following Is True with Regard to Contract

question 109

Multiple Choice

Which of the following is true with regard to contract law?

• A)An exchange of promises is not adequate consideration to form a contract.
• B)A contract for a $50 000 boat must be evidenced in writing to be a valid contract.
• C)To form a contract,there must be an offer that is accepted unconditionally.
• D)The parties to a contract can always go to court and have the court declare a contract void if the consideration is not adequate (i.e.,fair).
• E)A contract is void if it is required to be evidenced in writing under the Statute of Frauds,and is not.

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Definitions:

Interval Data

A type of numerical data that has meaningful differences between values and a true zero point.

Ordinal Data

Describes a type of data which is categorized into ordered but not necessarily equally spaced categories.

Null Hypothesis

A statement used in statistics that proposes no significant difference or effect.

Test Statistic

A value calculated from sample data that is used in hypothesis testing to determine if there is evidence to reject the null hypothesis.