Business Law Chapter 6

True or False: If a time for an offer to expire is not stated, it will expire in a reasonable time under circumstance

• False
• True

An agreement that courts will enforce is known as....

• Rules
• Contract
• Offer

How many elements are there to enforce a contract?

• 3
• 4
• 5
• 6

The person who makes the offer is known as....

• Offeree
• Offeror
• In charge

The person to whom the offer is made is....

• Offeror
• Offeree

True or False: For any contract, the parties must agree on something legal otherwise it is not considered a contract

• True
• False

Both parties MUST receive something of legal value in return as a result of the transaction is known as......

• Legality
• Consideration
• Writing
• Genuine Assent

How many requirements are there to create a valid offer?

• 2
• 3
• 4
• 5

True or False: An arrangement between two friends to attend a rock concert is a contract.

• True
• False

True or False: Advertisements are treated as “invitations” for customers to make an offer, they are not offers

• False
• True