Business law

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1. What is the definition of “consideration” to a contract? Explain

2. What important national document secures the freedom of individuals, organizations, and businesses to enter into contracts?

3. When a court finds that no contact exists, the court will hold the contract as __________.

4. What are the elements of a contract”

5. What is the definition of an “offer” to contract?

6. Write an example of an advertisement only.

7. Who is called the “offeror”?

8. List 4 things that can be used as consideration in every day contracts

9. When a court can find that a contract exists where one or more persons can elect to avoid an obligation created by a contract because of the manner in which the contract was brought about, the court will hold that the contract as __________.

10. Who is called the “offeree”?

11. List and explain the 4 characteristics of an offer.

12. What are the difference between an advertisement only and an offer to contract? Explain.

13. Write an example of an advertisement that is an offer to contract.

14. List and explain the 8 ways to terminate an offer?

15. The agreement of a party accepting the offer AND a showing of willingness to be bound by the terms of the offer, is the definition of what element of a contract?

16. What are the 3 characteristics of an “acceptance” to a contract? List and explain.

17. Consideration is necessary because it shows that the parties _____________________.

18. When a court can find that a contract is a binding and enforceable agreement that meets all the necessary contractual requirements, it will hold the contract as _______.

19. What is the legal definition of a “contract”?

20. Where in the U. S. Constitution does it state that there can be no laws impairing the obligation of contracts?

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