Question

   A bilateral contract consists of a promise for a promise. True or False?

   Silence, as a general rule, cannot be used to form a contract. True or False?

  Under the Mailbox Rule, an acceptance is effective as soon as it is sent. True or False?

A promise to do something that you are already obligated to do is not valid consideration. true or False?

Answer 1

A bilateral contract consists of a promise for a promise.

True

Bilateral Contract is a contract where the two parties exchange their promise for a promise. For example if you want to buy something from the store so you have to pay for that item.

Silence, as a general rule, cannot be used to form a contract.

True

The general rule suggested that the silence cannot be used to form a contract.

Under the Mailbox Rule, an acceptance is effective as soon as it is sent.

True

Under the Mailbox rule, an acceptance is effective as soon as it is sent. Mailbox rule stated that the acceptance is effective once it has been sent properly and quickly. If the rejection is sent before acceptance, but the acceptance is arrives first, a contract is formed.

A promise to do something that you are already obligated to do is not valid consideration.

true

If you are obligating to do some task is not valid consideration. For example a policeman is not authorised to collect the reward for catching a thief, because that’s his job.