1) Which of the following is the first element of a contract?

A) An agreement

B) Forbearance

C) An invitation to negotiate

D) Equitable consideration

E) A unilateral promise

2) Without a time condition in an offer, the offer will expire after _____.

A) twenty-four (24) hours from the time the offeror made the offer

B) five (5) business days from the time the offeror made the offer

C) thirty (30) calendar days from the time the offeree received the offer

D) sixty (60) calendar days from the time the offeree received the offer

E) the lapse of a reasonable time period

3) Refusal to Pay. Business law professor Debby needed some yard work done. She told her class that she would give $50 to the first person who mowed her yard. She also entered into an agreement with Brenda to trim some shrubbery for $40. Max went to mow Debby's yard. Unfortunately, just as he finished mowing, a neighborhood dog bit him and he had to go to the emergency room for a couple of stitches. Debby refused to pay Max on the basis that the agreement was not in writing and that Max ended up being more trouble than he was worth. Max refused to pay the emergency room because he said that they did not have a binding, bilateral contract. Brenda refused to trim the shrubbery because she got a better offer and claimed that she was not bound by the contract until she started to perform. Which of the following is correct regarding Brenda's statement that she was not bound on any contract?

A) Brenda is correct. There was no contract because she had not started working.

B) Brenda is incorrect because there was a bilateral, express agreement.

C) Brenda is incorrect because there was a bilateral, implied agreement.

D) Brenda is incorrect because there was a unilateral, express agreement.

E) Brenda is incorrect because there was a unilateral, implied agreement.

4) Identify and describe the four elements that are necessary for contract formation.