James offers to sell four acres of land to Jennifer for $8,000 and further offers to keep the offer open for one month if Jennifer will pay him $100 for the privilege. Jennifer pays James $100 . Which statement describes the payment of $100?

a. An implied in fact contract has been formed.
b. A unilateral contract has been formed.
c. This created a formal contract.
d. This created an option contract.


d

Business

You might also like to view...

In reports focused on recommendations, it is best to avoid the direct approach

Indicate whether the statement is true or false.

Business

The terms of sale (price, delivery, credit arrangements) are negotiated during the evaluation of alternatives stage of the consumer decision-making process.

Answer the following statement true (T) or false (F)

Business

What is the effect of the optional agreed value provision in the building and personal property coverage form?

A) It provides replacement cost coverage. B) It increases insured values along with inflation. C) It suspends the coinsurance clause. D) It reduces the deductible to $50.

Business

Explain the rights of information systems users

What will be an ideal response?

Business