1. What elements are necessary for an effective offer?Well, it starts with an offer and an acceptance. After that an effective offer consists of a serious intention, reasonably definite terms, and, communication to offeree.2. What are some examples of nonoffers?Some examples of non-offers are the following opinions, good intentions, preliminary negotiations, auctions are not offers and agreements to agree.3. What is an accord and satisfaction?Accord and satisfaction is the amount of debt must be in dispute; if liquidated debt (uncertain) accord and satisfaction cannot occur.4. What is consideration?Consideration is legal value given in return for a promise. It is something of legally sufficient value, given in a bargained-for-exchange between the parties.5. Does the mental incompetence of one person automatically make the contract void?If a person has been adjudged mentally incompetent by a court of law and a guardian has been appointed the contract is void.
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