Business Law I Ch. 5 test review

Front

Contract refers to

Back

an agreement enforceable by law.

Front

Acceptance refers to

Back

a willingness to go along with a proposal.

Front

A genuine agreement means that

Back

a valid offer is met by valid acceptance.

Front

A bilateral contract is one that

Back

contains two promises.

Front

An invitation to negotiate is

Back

not an offer.

Front

To counteroffer is to

Back

change the terms of the original offer.

Front

Revocation refers to

Back

the taking back of an offer.

Front

The mirror image rule states that

Back

the terms in an acceptance must match the terms in the original offer.

Front

There are _____ elements of a contract.

Back

6

Front

A _____ contract is stated in words and may be either oral or written.

Back

express