Business Law Chapter 5

A contract that is legally binding and fully enforceable is known as

• a valid contract

• as offer

• an express contract

• a unilateral contract

A contract in which both parties make promises is known as

• valid contract

• unilateral contract

• bilateral contract

• void contract

A proposal made by one party that he or she is willing to enter a contract is known as

• a contract

• an offer

• an acceptance

A contract in which one party makes a promise in exchange for an act is known as

• offer

• good deal

• unilateral contract

• compromise

A contract stated in oral or written words is known as

• an offer

• an expressed contract

• valid contract

• bi lateral contract

How many requirements are there to an offer?

• 3

• 4

• 1

A contract has six important elements so that it will be valid which is offer, acceptance, intention to create legal relation, certainty, capacity and .

• consideration

• agreement

• understanding

An agreement is not a contract unless it contains the six elements of contracts:offer, acceptance, genuine agreement, capacity, consideration, and legality.

• T

• F

A_______ contract is one the court will not uphold, generally because of some rule of law, such as the statute of limitations.

• void contract

• unenforceable contract

• voidable contract

• express contract

Any change in the terms of the offer means the offeree has not really accepted the offer but has made a

• counteroffer

• negotiation

• offer

• contract