CHAPTER 6 1&2 BY CAPT. COOLEY AKA P COOLS

SECTION 1 / MULTIPLE CHOICE 1. Generally defined as agreements between two or more parties that create obligations, the courts are far more selective. A) Contracts B) Revocation C) Option D) Firm offer Key answer : Contracts

SECTION 1 2. The person who makes the offer is termed the. A) offeror B) offeree C) offer D) counteroffer Answer : offeror

SECTION 1 The person to whom it is made is the. A) offeree B) offeror C) offer D) counteroffer Answer : offeree

SECTION 1 Is a proposal by an offeror to do something provided the offeree does something in return. A)Offer B) contract C)Jests D) genuine assist Answer : offer

SECTION 1 Which of the following is not an essential element of a contract. A)Offer and acceptance B)Genuine dissent C)Legality D)All of the above Answer: Genuine dissent

SECTION 2 The right to withdraw an offer before it is accepted is known as the right of revocation. A)Counteroffer B)Revocation C)Option D)Firm offer Answer: Revocation

SECTION 2 If the offeree gives the offeror something of value in return for a promise to keep the offeror something of value in return for a promise to keep the offer open this agreement is itself a binding contract it is called an. A)Firm offer B)Offer C)Option D)Contract Answer: option

SECTION 2 If the offere changes the offerors terms in important ways and sends it back to the offeror is an. A)Revocation B)Offer C)Contract D)Counteroffer Answer: Counteroffer

SECTION 2 If such a written offer contains a term stating how long it is to stay open it is called a> A)Offer B)Contract C)Firm offer D)Option Answer: firm offer

FILL IN THE BLANK 11. _________ is what the parties agree to must be legal. An agreement to pay someone to commit a crime or tort cannot be a contract. Answer: Legality

FILL IN THE BLANK 12.________ the agreement must involve both sides receiving something of legal value as a result of the transaction. Answer : consideration

FILL IN THE BLANK 13. _________ some agreements must be placed in writing to be fully enforceable in court. Answer: writing

FILL IN THE BLANK 14. There are _______ major requirements that must be satisfied before courts will treat a transaction legally Answer : 6

FILL IN THE BLANK 15. Criminal laws and laws allowing recovery for certain private injuries _________ are on the list as they are necessary for keeping peace in society. Answer: torts