Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?

A ______________ contract is commonly defined as a promise in exchange for a promise. 
A. Unilateral
B. Trilateral
C. Complete
D. Bilateral
E. Classified

A bilateral contract is commonly defined as a promise in exchange for a promise.

Harry and Frank are in agreement that Harry will pay Frank $2,000 for a used car. At what point is there a binding contract?
A. When the agreement is made.
B. When the money is paid.
C. When the car is delivered.
D. Ten days after the car is delivered and approved.
E. Twenty days after the car is delivered and approved.

As soon as promises are exchanged, a contract is formed and the parties' legal obligations arise.

In a _____________ contract, the offeror wants a performance to form the contract. 
A. Trilateral
B. Bilateral
C. Unilateral
D. Complete
E. Anticipatory

In a unilateral contract, the offeror wants the offeree to do something, not to promise to do something.

Which of the following have all their terms clearly set forth in either written or spoken words? 
A. Implied contracts
B. Express contracts
C. Liquidated contracts
D. Bilateral contracts
E. Unilateral contracts

The terms of express contracts are all clearly set forth in either written or spoken words.

In which of the following does a contract arise not from words but from the conduct of the parties? 
A. Implied contracts
B. Express contracts
C. Liquidated contracts
D. Bilateral contracts
E. Unilateral contracts

Implied contracts arise not from words but from the conduct of the parties.