Lisa placed a sign on her car that read, "FOR SALE: $1,000." Seeing the sign, Alex approached Lisa and said, "I'll give you $800 for it." Lisa replied, "I'll take $900 for it." The sign was a(n)___1___, Alex's statement was a(n)_____2___, and Lisa's response was a(n) ____3___, which required a(n) ___4___ on the part of Alex to create a(n) _____5____. Alex did not answer immediately, causing Lisa to change her mind about the $900 offer and take it back, but before she voiced her ____6____, Alex answered with a (n) ___7___by saying "I don't want it at that price."

Alex left Lisa and took a bus to visit his nephew. This action resulted in a(n)___8___between Alex and the bus company, because the terms of the contract were not stated. Because the contract arose from the conduct of the parties, it was a(n)___9___.

When Alex got off the bus, he noticed that he was being followed by a small poodle that looked just like the one that was advertised in the newspaper he had just read as being lost. The advertisement offered a reward of $150 to anyone who returned the lost poodle to its owner. Alex went to the address given in the newspaper and returned the dog to its owner, thus creating a(n)___10___. While there, he noticed a car for sale in front of the house and said to the dog owner, "I'll take that car instead of the $150 reward." Alex was the ___11___ and the dog owner was the ___12___. The dog owner replied, "It's a deal." At this point, the contract was in its ___13___ stage, because it had not been carried out completely. When the dog owner turns the car over to Alex, the contract will be ___14___. In addition, because the terms of the contract were stated, this agreement was a(n) ____15____. It was not a contract __16___(which is also known as a(n)____17___), because no unjust enrichment occurred. Because both parties made promises, it was a(n) ___18___. The contract met the requirements of law; therefore, it was __19___.

Alex said to his fourteen year old nephew, Rodney: "I'll sell you my baseball glove for $15. Rodney replied: "I'll buy it." This contract was __20___ because of Rodney's age.

Word List:

Offer

Acceptance

Voidable

Implied Contract

Counteroffer

Implied in fact Contract

Rejection

Executed

Executory

Invitation to Negotiate

Contract

Quasi-Contract

Implied at Law

Revocation

Express Contract

Bilateral Contract

Unilateral Contract

Offeror

Offeree

Valid