FOR REVIEW Questions 1. Explain the difference between an offer and an invitation to treat. (LO 5.4, 5.5) 2. Explain the term "counter offer." (LO 5.6) 3. Name the four ways an offer can be terminated. (LO 5.1, 5.2) 4. Explain the four basic requirements needed to create a contract. (LO 5.5) 5. Explain the concept of consideration. (LO 5.6) 6. What is a "gratuitous promise"? (LO 5.6) 7. What is the difference between a "clickwrap" and a "browse-wrap" agreement? (LO 5.6) 8. How does intention determine the enforceability of an agreement? (LO 5.5, 5.6) 9. What is a "functional equivalency clause" in e-contracts? (LO 5.9) 10. Explain the difference between express and implied terms in a contract. (LO 5.8) Activities