Business Law - Terms, Agreement, Consideration

A person who makes an offer is called an offeree

ABC Co. promises to pay Sarah $1,000 for the "excellent work she has done in the past".

Teri sends an offer to Morris to sell her car for its Blue Book value. Morris is the offeror.

Most of the time, advertisements are specific enough to constitute an offer

Jan purchases a toaster from a department store. This is an example of a valid contract

Clark promises to pay Mike $30 if Mike will mow Clark's yard. This is an example of a:

On 6/7 Sagan mails Randi an acceptance of her offer. Randi receives the acceptance on 6/10.

When contracting parties accept mutual obligations through oral discussion, they have created

Leo offers to sell his ranch to Iris for $500,000, but before Iris accepts, Leo dies.

Contracts made by minors are voidable contracts

Professor Morris can charge you $1.00 to enter the classroom each day.

Not all agreements are contracts

The legal ability to enter a contract is called 

In the case of an offer, there must be

When there is a breach of contract, the injured party has the right to ask a court for a remedy

Which of these are ways in which a contract can be made

A quasi-contract results from the mutual agreement of the parties involved

Kayla provides consideration when she gives up her right to sue in exchange for a settlement.

Talen promises to give Omar a birthday present. This promise is supported by consideration

An agreement is formed as soon as the offeror hears words of acceptance spoken by the offeree.

Omar: I will sell you my motorcycle for $10,000. Ann: I will buy it if you overhaul the engine.

Preexisting duties are enforceable as new consideration

Henry proposes to sell his truck to Bernice for a price "to be determined later in good faith."

Promising not to sue is forbearance.

Which of the following is NOT part of a contract?