An Agreement Which Is Enforceable by Law at the Option of One Party Mcq

An agreement which is enforceable by law at the option of one party is a legal term that refers to a contract that can be enforced by one of the parties, but not by the other. This type of agreement is also known as a unilateral contract.

In a unilateral contract, one party promises to perform a certain action if the other party meets a specific condition. For example, a company may promise a reward if someone finds a lost item. The person who finds the item can choose to accept the offer or not. If they do choose to accept, they are entering into a unilateral contract, and the company is bound by law to pay the reward if the condition is met.

Mcq stands for multiple-choice questions. Here are some questions and answers to test your knowledge about an agreement that is enforceable by law at the option of one party:

1. What is an agreement that is enforceable by law at the option of one party called?

a) Bilateral contract

b) Unilateral contract

c) Void contract

d) Executed contract

Answer: b) Unilateral contract

2. In a unilateral contract, who is bound by law to perform the action?

a) Both parties

b) The party making the offer

c) The party accepting the offer

d) Neither party

Answer: b) The party making the offer

3. What is an example of a unilateral contract?

a) A car dealer selling a car to a customer

b) A landlord renting out an apartment to a tenant

c) A company offering a reward for finding a lost item

d) A partnership agreement between two businesses

Answer: c) A company offering a reward for finding a lost item

4. Can a party revoke an offer in a unilateral contract once it has been made?

a) Yes, at any time before the condition is met

b) Yes, but only if the other party has not yet accepted the offer

c) No, once the offer is made, it cannot be revoked

d) No, but the other party can choose not to accept the offer

Answer: c) No, once the offer is made, it cannot be revoked

In conclusion, an agreement which is enforceable by law at the option of one party is a unilateral contract in which one party promises to perform an action if the other party meets a specific condition. It is important to understand the terms of a unilateral contract before entering into one to avoid any misunderstandings or disputes.