Business Law- Chapter 6- Contracts

The person to whom the offer is made

• Offeror

• Offeree

• Contractor

• Consideree

The person who makes the offer

• buyer
• offeror
• seller
• offeree

The requirement for a legally enforceable contract that states "the agreement must not be based on one party's deceiving another...." is

• Genuine Assent

• Legality

• Consideration

• Capicity

The requirement for a legally enforceable contract that states "What the promisor demands and generally must receive in order to make his or her promise legally enforceable against him or her" is known as

• Capacity

• offer
• consideration

• Legality

The requirement of a legally enforceable contract that states "to have a completely enforceable agreement, the parties must have the legal ability to contract for themselves." is

• capacity

• acceptance

• genuine assent

• consideration

What is the name of a contract that has been fully performed

• executory contract

• executed contract
• finished contract
• completed contract

Which of the following is not an essential element of a contract?

• Offer and Acceptance

• Genuine Decent

• Legality

• Consideration

In some cases a person may be held liable to an offer they intended as a joke

• True

• False

All agreements must be in writing to be enforceable in court

• True
• False

If a time for the offer to expire is not stated, it will expire in a reasonable time under the circumstances

• True

• False