Valid contract & Offer

Which of the following is not a required element of a contract.

• Mutual Assent

• Offer and Acceptance

• Consideration

• Cash Value Exchange

Person's ability to satisfy the elements required for someone to enter binding contracts

• Consideration

• Mutual Assent

• Capacity

• Offer and Acceptance

A contract between two parties for illegal activities is not valid.

• True

• False

Consideration is...

• a set of mutual promises in which each party agrees to give up something to the benefit of the other.

• The amount of time one has to accept an offer.

• The 5 minutes following an offer that must elapse before an acceptance can take place.

• The element of a contract that says the value of what each party is giving up must be equal.

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

• Oral

• Unenforceable

• Valid

• Written

Jim purchases a rare antique piece for $5,000. The contract was signed by both parties. in this scenario, who is Jim?

• donee

• donor

• offeree

• offeror

Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn is this transaction?

• donee

• donor

• offeree

• offeror

Lucas' agreeing to accept Jenn's proposal to sell her car is which element of a contract?

• acceptance

• consideration

• rejection

• revocation

What is an offer?

• a proposal made by the offeree

• a proposal accepted by the offeror

• a proposal made by the offeror

• a proposal accepted by the offeree

The person making the offer is called the 

• Offeree
• Offeror
• Sender
• Giver