Business Law 2.01

John proposes to sell his car to Jan for $500. What element of a contract did John propose?

• Acceptance
• Offer
• Rejection 
• Revocation

Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?

• Bilateral
• Implied
• Unilateral
• Void

John sold a watch he owned to Jim. What term is used to identify the watch in this transaction for Jim?

• Benefit
• Counteroffer
• Detriment
• Forbeance

Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?

• Donee
• Donor
• Offeree
• Offeror

After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?

• Referral
• Refusal
• Rejection
• Revocation

If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?

• When offered
• When received
• When sent
• When written

A threat against a person’s business would violate which element?

• Capacity
• Consideration
• Genuine agreement
• Legality

Agreeing to give false testimony violates which element?

• Capacity
• Consideration
• Legality
• Offer

When Donnie, Matt, and Steve, all age 15, enter into a contract, what term describes this type of contract?

• Bilateral
• Valid
• Void
• Voidable

John’s agreeing to Jason’s proposal to sell his car is which element of a contract?

• Acceptance
• Consideration
• Rejection
• Revocation