Business Law Ch4

If you wait too long to bring a lawsuit, the court may not uphold it because it could be

• unenforceable
• limited
  
• voidable
• fraudulant

Your friend has lost her bracelet and offers you a reward of $50 if you find it.  This is an example of a(an)

• bilateral contract
• unilateral contract
• acceptance contract
• revocation of a contract

The mirror image rule states that

• the terms of an offer are void
• the terms in an acceptance must match the terms in the orignal offer
• a counter offer must reflect the terms of an offer
• the terms of an acceptance must be unilateral

In order for the acceptance to be legally binding, it must be

• made in person and in writing by the offeree
• unconditional and in writing by the orreror and offeree
• made in person and follow the rules regarding the method of acceptance
• unconditional and follow the rules regarding the method of acceptancew

In contract law, consideration can be defined as

• the think of value promised in exchange for something else of value
• anyone who enters into a legal contract has the ability to do so
• contracts that involve illegal acts are not allowed
• both parties communicating clearly when entering into a contract

A contract that contains a promise by both parties is

• express
• implied
• bilateral
• unilateral

To be effective, an offer must be communicated to the

• attorney
• offeree
• lender
• offeror

Invitations to deal, trade, or make an order by the seller are considered invitations

• of legality
• to negotiate
• to make a counteroffer
• for consideration

A contract that amounts to nothing and has no legal effect is 

• unenforceable
• voidable
• void
• unilateral

An invitation to negotiate is not an offer

• True
• False