1. True or False: Agreements must be in writing to be enforceable.

1. A flyer from Best Buy advertises the newest model iPhone for $99. Is this a legally enforceable offer or an invitation to negotiate?

1. A newspaper advertisement indicates that the first 50 people to arrive at the new Chick-fil-A will receive free chicken sandwiches for a year. Is this a legally enforceable offer or an invitation to negotiate?

1. Fill in the blank: If an offer does not indicate a time of expiration, then the offer will expire upon a(n) _________________________ period of time.

1. Fill in the blank: If the offeree gives something of value to keep an offer open, the contract created is called a(n) __________________.

1. When an offerree accepts an offer, but changes the original terms of that offer, the offerree’s acceptance is called _______________:

Once an offeree has rejected an offer, under what conditions can they later accept that same offer?

Michael finds a wallet on the sidewalk in front of Taco Bell. He opens the wallet and discovers that it belongs to Andy, who lives a few blocks away. Michael, being the good citizen that he is, walks to Andy’s house and puts the wallet in the mailbox and goes home. Once home, Michael sees that a friend has shared a post on FB indicating that Andy is offering a $100 reward for the return of his wallet, which was lost in front of Taco Bell. Michael recognizes Andy’s FB profile from his driver’s license. Michael returns to Andy’s house and demands the reward. Is there mutual assent between Andy and Michael sufficient to support a contract for the payment of $100? (in other words, has there been a valid offer and acceptance?)

Gabby says to Erin, "Erin, I offer to sell you my car for $200 cash." Nicole happens to be walking by at that very moment, overhears their conversation, and says, "I accept. I'll go get $200 cash right now" Is there mutual assent between Nicole and Gabby? (In other words, has there been a valid offer and acceptance?)

Ms. Snowden is relaxing at home on a quiet Sunday morning. Drinking her coffee and flipping through her Sunday paper, she’s thrilled to see an advertisement for 25-pound bags of gummies for $5 at Target. Ms. Snowden’s students eat a lot of gummies, so she’s eager to get to Target and accept this offer. She arrives at Target and the shelves are empty; there are no 25-pound bags of gummies left. Angry, Ms. Snowden marches to the Customer Service desk, tells the manager that she is there to accept their offer, and demands that they make good on the contract that has now been formed. Is Ms. Snowden correct? Has a contract been formed?

Which of the following describes an event that would not terminate an offer?

Beyonce loves to go dancing at the clubs with her girlfriends. One Saturday, after a long day of shooting photos for her newest album cover, Beyonce calls up her closest girlfriends and asks them to meet her at the hot new club, Avalon. Beyonce arrives at the club in her Rolls Royce. As she’s tossing the keys to the valet, 50 Cent approaches and says “Nice car; I’ll give you $50 for it.” Beyonce responds “Ha! Sure, why not?” and then proceeds into the club. The next day, 50 Cent calls Beyonce and says “I have the $50, I will bring it today for the Rolls.” Beyonce says “I was only kidding.” 50 Cent insists they have a contract and sues Beyonce. What test does the court apply in order to determine if there is a contract between Beyonce and 50 Cent? Name and explain the test.

Russell offers to sell his boat to Bania for $25,000. Russell's offer states it will remain open for 20 days. Five days after making the offer, Russell falls overboard in the middle of the ocean while whale watching and dies. Bania is unaware of Russell's death and sends his written acceptance within the 20 day period. Is this a valid acceptance? Explain.

Fred makes a written offer to sell his house to Cynthia for $250,000. Cynthia responds in writing by saying, "I accept your offer provided that you replace the aging roof.” Is this a valid acceptance?

Which of the following is NOT part of the 3-step process for determining whether consideration exists?

Which of the following is not a type of contract that is covered by the Statute of Frauds?

Which of the following does not need to happen to satisfy the statute of frauds?

Chris and Beth verbally agree that Chris will give Beth 5 cooking lessons once a month for the next six months for $100/lesson. Chris later calls Beth and cancels the lessons, saying that he found someone else that will pay him twice what Beth was going to pay. Beth, upset, sues Chris for breach of contract. Chris defends on the grounds that there is no enforceable contract because it is not in writing. Is Chris correct?