Multiple choice

A standard form of contract is the one in which

  1. the terms are fixed by the government of the state to which the contracting party belongs

  2. the terms are pre-determined by the custom of the trade to which the contracting parties belong

  3. the terms on which mercantile transactions of common occurrence are to be carried out

  4. the terms are fixed by one of the parties in advance and one open to acceptance by any one
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D Correct answer
Explanation

A standard form of contract is the one in which the terms are fixed by one of the parties in advance and one open to acceptance by any one.

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