Please answer the following questions in your own words, using full sentences and paying attention to spelling and grammar:

1. Explain the difference between an auction with reserve and an auction without reserve. If not specified, which is the default form of auction?

2. Describe how an offer can be terminated by operation of law.

3. What is contract consideration? Describe consideration and give examples of consideration, both monetary and non-monetary.

4. What is the minor's duty of restoration in a disaffirmed contract?

5. What is legal insanity as it relates to contract law?