PUHD) A voluntary exchange of promises between two or more legally competent persons to do, or refrain from doing, an act is O a proposal an advertisement an agreement an offer as the Section 24 of the Restatement (Second) of Contracts defines manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. a revocation an order an advertisement an offer Tabitha wants to sell her laptop to Tracy for $250. Tracy gives Tabitha her word that she will pay for the laptop when she gets paid on Friday. Tabitha gives Tracy her word that she will sell the laptop to Tracy on Friday. Has a contract been formed between Tabitha and Tracy? Why? Yes, a contract has been formed because Tracy has made an illusory promise to Tabitha to purchase the laptop. No, a contract has not been formed because Tracy has not given Tabitha a down payment for the laptop. No, a contract has not been formed because there is no written agreement between Tabitha and Tracy. Yes, a contract has been formed because both Tabitha and Tracy have made promises to one another regarding the sale and purchase of the laptop. Which of the following would be considered an offer to form a unilateral contract? A reward offer An advertisement An auction with reserve An auction without reserve o 3 An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a firm offer a contract of adhesion an option contract an unequivocal acceptance A response by an offeree that contains terms and conditions different from or in addition to those of the offer is called an acceptance a rejection a counteroffer a revocation 0 BI 9 Which of the following statements is true of a revocation? It can be made by the offeree. It can be done even after acceptance of the offer. It must be received by the offeree to be effective. O It can be applied to an option contract