Contracts: Offer and Acceptance, Genuine Assent, Consideration

Which of the following is not one of the major requirements for a contract?

• time

• genuine assent

• capacity

• consideration

Social arrangements (like dates)

• are not legal obligations

• are legal obligations

• are subject to breach of contract

• can only involve two people, if the contract is to be upheld

There is no contract

• without the exchange of money

• without both offer and acceptance on mutually agreeable terms

• without the two parties shaking hands

• without all parties signing something

Offers that require the offeree to accept by communicating the requested promise to the offeror are

• unilateral contracts

• bilateral contracts

• matching offer contracts

• mirror image rules

When the terms of acceptance must exactly match the terms contained in the offer, it is called

• unilateral contract

• bilateral

• a matching offer contract

• the mirror image rule

The agreement between the offeree and the offeror to give something of value in return for a promise to keep the offer open is known as a(n)

• counteroffer

• firm offer

• acceptance

• option

The right to withdraw an offer before it is accepted is

• revocation

• a counteroffer

• termination

• consideration

If the party to whom an offer has been made agrees to the proposal, which of the following occurs?

• bilateral acceptance

• acceptance

• unilateral acceptance

• enforceable contract

All economic activity is based upon an enforceable agreement between parties. This agreement is known as a(n)

• contract

• offer

• invitation

• warranty

The agreement between the offeree and the offeror to give something of value in return for a promise to keep the offer open is known as a(n)

• counteroffer

• firm offer

• acceptance

• option