True False
1. With a “bilateral” contract, each side gives the other side a promise as the consideration for the contract. True/False
2. The “Statute of Limitations” dictates the amount of time within which a lawsuit must be filed, following the "incident" which allegedly caused harm to the Plaintiff (tort, breach of contract, etc.). True/False
3. Matilda promises, in writing, to give Roberto a gift of $10,000 on his 18th birthday. Because this is in writing, it is a type of contract. True/False
4. "Quasi-contract" is a legal theory based on fairness, not on a contract. This legal theory may apply when the parties have not actually entered a contract, and one side has suffered harm. True/False
5. Alexis makes an oral promise to Roberto that she will prepare a 4-course meal for twenty people and bring it over to Roberto’s house at 5 pm Saturday February 27, 2016, just before Roberto’s party (it begins at 6 pm). Roberto promises to pay Alexis $400 on Monday February 22. These oral promises are binding on both sides as a contract. True/False