Business Law Exam 2 Review

How can offers end?

A type of contract that may be enforced without consideration is

These are designed to protect society from unqualified individuals

Rejecting an initial offer and making a new is called a

Consideration in the form of doing something one is not legally bound to do is called

These are clauses in contracts designed to excuse someone of their potential negligence

When there is a dispute as to debt owed, these are

Which of the following does not require a license?

Laws prohibited extremely high interest rates are called _____ laws

______ contracts are becoming increasingly common in today's digital age

An exception to illegality in contracts could be

Debts that are not in question between the creditor and debtor are called

Someone may be able to recover excessive losses from their local casino

The mailbox rule applies only to

This is an arrangement in which multiple creditors agree to accept only a percentage of debt owed by and individual

Which is NOT an essential element of a valid contract?

In order for a contract to be valid, consideration must be equal

What makes an agreement illegal?

The legalized form of gambling is called

When a contract requires _________, it is clearly illegal.