1. Annie says to Bob, "I'll buy your car." Nothing else happens. Do they have a contract? Why or why not?

2. Annie says to Bob, "I'll buy your car for $500." Bob says, "Ok." Do they have a contract? Why or why not?

3. Annie says to Bob, "I'll buy your car for $500." Bob says, "550!." Annie replies "Ok, $550." Do they have a contract? Why or why not?

4. Bob says to Annie, "You want my car? You can have it." "Annie says "Sure!" Do they have a contract? Why or why not? If there is no contract, is there anything else this exchange can be considered?

5. In any of the above scenarios, is a writing required in order for the parties to be in contract? Why or why not? What are the instances in which a contract must be in writing in order to be enforceable?

6. Who might be unable to enter into a legally binding contract?