1. discuss the meaning of ONE of the six elements of a valid contract, below, as described in this week's Slides/Lecture. (Please use the correct terms, as listed below; do not change them to a different words.)

• Intention to create a legal relationship
• Offer
• Acceptance
• Consideration
• Capacity to contract
• Legality

2. Adam says to Betty, "I will sell you my bicycle for $100." Betty replies, "I will buy it for $75." Has Betty accepted the offer, or not? What effect on the original offer does Betty's counter-offer have? Explain your answer.

3. Chan writes a letter to Dhaliwal on July 1st, offering to sell her property. Dhaliwal writes a letter on July 31st accepting Chan's offer. He puts the letter in the mailbox on the same day, and Chan receives it on August 4th. Is Dhaliwal's acceptance valid? Why or why not? Explain your answer.