Contract law

Michelle makes the following statement to Chloe, "I will sell you my Iphone for $50". This is an example of a(n)

• acceptance

• genuine agreement

• offer

• unilateral contract

A proposal by one party to another intended to create a legally binding agreement is a(n)

• Acceptance

• Contract

• Genuine Agreement

• Offer

You shouldn't enter into a contract without understanding the legal responsibilities.

• True

• False

Any agreement is enforceable by law is a(n)

• acceptance

• contract

• legality

• offer

When an agreement is true and genuine and a valid offer is met by a valid acceptance, it is called a(n)

• offer

• consideration

• genuine agreement

• express contract

Which if these is not apart of the six elements of a contract?

• legality

• will theory

• genuine agreement

• capacity

Offering a reward to anyone who can return your lost pet is an example of a...

• Bilateral contract

• Unilateral Contract

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.

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.