Q. What happens if an offer is revoked before acceptance?
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A.
The offer is still valid
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B.
The offeree can still accept
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C.
The offer is void
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D.
The offer can be accepted later
Solution
If an offer is revoked before acceptance, it becomes void and cannot be accepted.
Correct Answer:
C
— The offer is void
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Q. What is the effect of a unilateral contract?
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A.
Only one party makes a promise
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B.
Both parties must perform
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C.
It requires a written agreement
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D.
It is voidable
Solution
In a unilateral contract, only one party makes a promise, and the other party accepts by performing the requested act.
Correct Answer:
A
— Only one party makes a promise
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Q. Which of the following is NOT a type of consideration?
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A.
Past consideration
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B.
Present consideration
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C.
Future consideration
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D.
Moral consideration
Solution
Moral consideration is not recognized as valid consideration in contract law; valid consideration must be legal and tangible.
Correct Answer:
D
— Moral consideration
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