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Question 9 (Multiple Choice Worth 5 points)

Which of the following is TRUE about a contract?

A. A contract is binding even if fraudulent, so buyer beware.
B. A contract does not have to disclose all terms and conditions.
C. A contract determines the responsibilities of the consumer.
D. A contract only needs to be signed by the provider to be legal.



Answer :

GinnyAnswer

Final answer:

Contracts are binding agreements between parties, emphasizing the importance of mutual assent and buyer caution due to potential information imbalances.


Explanation:

Contracts are mutual promises where each party has specific obligations to the other. They are binding agreements between parties and can be void or voidable under certain conditions. Buyer beware is a principle in contracts that emphasizes the need for consumers to be cautious due to potential information imbalances between the buyer and the seller. In contract law, meeting of the wills or mutual assent is crucial for the validity of transactions.


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