Which of the following is NOT one of the major requirements of a contract?

• time

• genuine assent

• capacity

• consideration

A valid offer must be communicated to the offeree and

• the offeror must intend to create a legal obligation

• the terms must be definite and complete

• BOTH

• NEITHER

An unaccepted offer may be terminated by

• a counteroffer

• a reasonable length of time

• the rejection of the offeree

• all of these are correct

A firm offer is binding

• for a stated time

• for not more than three months

• even when nothing is paid by the offeree

• all of these

There is no contract

• without the exchange of money

• without both offer and acceptance on mutually agreed terms

• BOTH

• NEITHER

Social arrangements

• are not legal obligations

• are legal contracts

• are subject to breach of contract

• none of these

Capacity to contract means that the person

• has a genuine need for the goods or services purchased

• has ample room to store goods that are purchased

• has the ability according to law, to understand his or her actions and the effect of those actions

• all of these

When the price is not specified in contracts between merchants for the sale of goods

• the current market price is the basis

• the highest market price is the basis

• the lowest market price is the basis

• the contract is null and void

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

Do all contracts need to be in writing?

• Yes

• No