2. Contracts

3. Your Topic ContractsExpressed and implied contracts Bilateral and unilateral contract Random questions on contracts 200 400 600 800 1000 Bonus Question: 5000 pts

4. Topic 1: 200 Question: what is a contract? Answer Is an agreement enforceable by law

5. Topic 1: 400 Question: What is an offer? Answer A proposal by one party to another intended to create a legally binding agreement.

6. Topic 1: 600 Question: What does it mean when a person accepts a contract? Answer: The second party unqualified willingness to go along with the first party's proposal.

7. Topic 1: 800 Question: What is a genuine agreement? Answer An agreement is true and genuine: a valid offer is met by a valid acceptance.

8. Topic 1: 1000 Question: What are the 6 elements of a contract? For 100 points Do all of these elements have to be meet before a contract can be formed. Answer Capacity, consideration, legality, offer, acceptance genuine agreement.

9. Topic 2: 200 Question: which contract is used more unilateral or bilateral? Answer: Bilateral contracts are used more

10. Topic 2: 400 Question: When you go into a gas station and hand $20 to the cashier to fill up your car and both parties dont exchange a single word What kind of contract is this? Answer: An implied contract

11. Topic 2: 600 Question: The landlord presents Joe with a preprinted lease on the apartment Joe wants and Joe agrees to the terms and signs it. What type of contract is this? Answer This is an express, written contract.

12. Topic 2: 800 Question: I offer to sell you my 1967 Mustang and after some negotiations, you agree to purchase it on the terms we have worked out, a bargain for less than $500! What type of contract is this? Answer This is an express oral contract.

13. Topic 2: 1000 Question: What is the difference between an expressed and an implied contract? Answer: An expressed contact is a contract statement that may be oral or written. An implied contract is a contract that comes about from the actions of the party.

14. Topic 3: 200 Question: What is a bilateral contract? Answer A contract that contains two promises.

15. Topic 3: 400 Question: What is a unilateral contract? Answer A contract that contains a promise by only one person to do something, if and when the other party performs some acts.

16. Topic 3: 600 Question: Joe promises to pay Jane $25 and Jane promises to mow Joe's lawn next weekend. Is this a unilateral or implied contract? Answer This is a bilateral contract?

17. Topic 3: 800 Question: After you mow my lawn, I promise to pay you $25. Is this a unilateral or implied contract? Answer This is a unilateral contract

18. Topic 3: 1000 Question: What is the difference between a unilateral or implied contract? Answer An unilateral contract is the promise of one person and an implied contract is a contract between 2 people.

19. Topic 4: 200 Question: What is invitations to negotiate? Answer: Invitation to negotiate is invitations to deal, trade, or make an offer.

20. Topic 4: 400 Question: What are mirror image rule? Answer: Terms that are stated in a acceptance must exactly mirror or match the terms of the offer.

21. Topic 4: 600 Question: What is a counteroffer? For 100 points Give and example of a counteroffer? Answer: A counteroffer is a response to an offer in which the terms of the original offer are changed.

22. Topic 4: 800 Question: What is rejection? Answer: A refusal of an offer by the offeree that brings the offer to an end.

23. Topic 4: 1000 Question: What are the 3 requirements of an offer. Answer: Serious intent Definiteness communication

24. Bonus round For 5000 points complete this chart? Offer 1. 2. 3. Termination 1. 2. 3. 4. 5. Acceptance 1. 2.