Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree.

The term "consideration" in relation to contracts involves parties acting in an ethical manner. 
FALSE

Consideration is the bargained-for exchange or what each party gets in exchange for his or her promise under the contract.

The Restatement of the Law Second, Contracts is not actually the law itself. 
TRUE

The Restatement (Second) is not actually the law itself, although judges frequently cite it because it is an authoritative statement of what the law is.

Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree. 
TRUE

If the offeror wants a promise from the offeree to form a binding contract, the contract is a bilateral contract, commonly defined as a promise in exchange for a promise. In a unilateral contract, the offeror wants the offeree to do something, not to promise to do something.

Today, courts hold that once an offeree begins performance on a unilateral contract, the offeror must hold the offer open for a reasonable time to allow the offeree to complete the performance. 
TRUE

Today, the courts hold that once an offeree begins performance, the offeror must hold the offer open for a reasonable time to allow the offeree to complete it.

Quasi-contracts are actual contracts. 
FALSE

Quasi-contracts are sometimes called implied-in-law contracts, but they are not actually contracts.

If a quasi-contract is imposed, the amount of damages for a breach is based upon the fair market value of any service provided to the defendant. 
TRUE

When the court imposes a quasi-contract, the defendant is required to pay the fair market value of the benefit bestowed.

In order to recover under quasi-contract, there is no requirement that enrichment be unjust. 
FALSE

There are limits to the quasi contract doctrine; specifically, the enrichment must be unjust.

If a contract is valid, then it is enforceable. 
FALSE

Sometimes a contract may be valid yet unenforceable when a law prohibits the courts from enforcing it.

Any contract that is not a formal contract is an informal contract, also called a simple contract. 
TRUE

Any contract that is not a formal contract is an informal contract, also called a simple contract. Informal contracts may in fact be quite complex, but they are called "simple" because no formalities are required in making them.

In the employer/employee context, the purpose of a covenant not to compete is to restrict what an employee may do after leaving a company. 
TRUE

Covenants not to compete restrict what an employee may do after leaving a company.