Q1-

1.Agreement

• What are the two parts of agreement?Use the terms offeror and offeree in your response.
• Under the common law, if the terms of the offer are different than the terms of the acceptance has a contract been created? Explain.

2.Consideration

• What is meant by the term consideration?
• What is required for for a agreement to meet the consideration requirement?
• Why doesn't a gift promise create valid contract?

3.Capacity

• What are the three issues that arise most often with respect to capacity (as discussed in the textbook)?For each of the three explain how they affect the validity of the contract. (Is the contract void, voidable or valid?)

4.Lawful Object

• What is meant by the term lawful object?Give an example of an agreement that may not be a valid contract because it does not have a lawful object?

Q2-

Warranties are a buyer's assurance that the goods meet certain standards. If a warranty is not met by a seller, the buyer may sue for breach of warranty.The UCC supplies three warranties in contracts for the sale of goods.Answer the following questions.

• What are the three implied warranties? Briefly explain the standards set by these warranties.
• Is it possible for a seller to disclaim these warranties?How?
• What kind of damages are appropriate for a breach of warranty?How are these damages calculated?

Q3- Not all contracts have to be in writing to be valid or enforceable. Thestatute of fraudshowever, requires that certain types of contracts be in writing to be enforceable in a court of law.Briefly explain five types of contracts, described in the textbook, that must be in writing according to the statute of frauds?