Multiple choice

1 Windsor, the owner of Windsor's Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary delivers 20 pounds of cheese the following morning. Gary promises to make the delivery as requested by Windsor. This creates a ________ contract between them.

2 Which of the following is a necessary condition for a contract to be considered valid?

3 A ________ is a type of draft that is always paid at a future date.

4 What is the similarity between a demand draft and a trade acceptance?