BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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accepts $300 and a set of books worth $125 from Lee.
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accepts $375 in full payment.
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accepts $400 in full payment.
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orally agrees to cancel the debt.
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Detailed explanation-1: -a bilateral contract is one consisting of the exchange of mutual promises, a promise for a promise, in which each party is both promisor and a promisee.
Detailed explanation-2: -Most contracts can be either written or oral and still be legally enforceable, but some agreements must be in writing in order to be binding. However, oral contracts are very difficult to enforce because there’s no clear record of the offer, consideration, and acceptance.
Detailed explanation-3: -A contract must be for a legal purpose. A contract for an illegal purpose or an act against public policies is not a valid contract.
Detailed explanation-4: -A promise to make a gift is unenforceable because a transfer of property is made by one party without return consideration from the other party.