Chapter 6 Vocabulary.docx - Chapter 6 Vocabulary contracts...

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Chapter 6 Vocabulary contracts, generally defined as agreements between two or more parties that create obligations The person who makes the offer is termed the offeror. r. The person to whom it is made is the offeree An offer is a proposal by an offeror to do something, provided the offeree does or refrains from doing something in return 1. If the offer that was accepted to form a contract is invalid, the courts will not enforce the contract. True or False? 2. 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 are essential elements . 3. In some cases a person may be held to an offer that she only intended as a joke . True or False? 4. All agreements must be in writing to be enforceable in court. True or False? 5. A newspaper ad that specified “first come, first served out of our limited stock” would be treated as an invitation to negotiate. True or False ? The right to withdraw an offer before it is accepted is known as the right of revocation
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