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Define the term "consideration" as it is used in contract law.

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Formation of a valid contract ...

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Ann promises to give Carlos $50 if he promises to sell her a business law book. This is an example of a[n] ______ contract.


A) Unilateral
B) Bilateral
C) Void
D) Conditional

E) B) and C)
F) None of the above

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The statute of frauds requires certain types of contracts to be evidenced by some form of written communication.

A) True
B) False

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