791. When an offer can only be accepted by the performance of the person to whom the offer is made, is characteristic of:
A. bilateral contracts;
B. unilateral contracts;
C. implied contracts;
D. None of these

792. A tells B, “If you stood first in the class, I’ll pay you Rs.5000.00. B stood first in class and A paid him Rs.5000.00. Which of the following is correct?
A.A and B had a unilateral contract;
B. A and B had an executory contract;
C. A and B had an executed contract;
D. None of these

793. A offers to sell B his motorcycle at some time in the future. B accepts. Is there a valid contract?
A. Probably not, the terms are not definite;
B. Probably yes;
C. Definitely not because A failed to communicate the offer;
D. None of these

794. Which of the following is not an effective way to terminatean offer?
A. By rejection;
B. By acceptance;
C. By counter offer;
D. None of these

795. A offers to sell B his collection of rare books for Rs.5000.00. Before B even has a chance to accept, A says, “Sorry, I changed my mind, no deal.” This is an example of:
A. Revocation;
B. Rejection;
C. Counter Offer;
D. None of these

796. A and B enter into a contract in which A agrees to deliver milk to a restaurant. They forget to include a price in the agreement. A court will:
A. refuse to enforce the agreement;
B. select the lowest quoted price for milk and insert it into the contract;
C. determine a reasonable price and insert it into the contract;
D. None of these.

797. A agreed to supply food for Walima to B at 1: 00 pm. However, he could hardly supply the food at 5: 00 pm.
A. B can reject the delivery;
B. He can not reject the delivery;
C. B must accept the delivery;
D. None of these

798. Which of the following actions an unpaid seller can not take against a buyer:
A. Lien;
B. Stoppage in transit;
C. Sale;
D. None of these

799. When a partnership is found liable for a debt, which assets are first used to pay the debt?
A. Individual assets of the partners;
B. Personal property of the limited partners;
C. Partnership assets.
D. None of these

800. A partnership involves three essential elements. Which of the following is not one of those elements?
A. An equal right in the management of the business;
B. Limited liability for breach of contract;
C. A joint ownership of the business
D. None of these

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