Questions for Review 1. What is meant by "freedom of contract"? Explain the impact of this principle on the development of contract law. What are two types of restrictions on this principle? 2, List and explain the elements that must be present for an agreement to qualify as a valid contract. 4 Explain the difference between void and voidable. What is a practical result of this difference? 5. Distinguish between unenforceable contracts and illegal contracts. 6. Explain the difference between a bilateral contract and a unilateral contract. 11. Distinguish between an offer and an invitation to treat. 12. Can you accept an offer that was made to someone else? Explain your answer. 13. List and explain the various ways an offer can come to an end. 14. What is the effect of the offeror stating in an offer that the offer will remain open for acceptance until a specific date? What can an offeree do to protect himself from the offer being revoked? 27. Define consideration and explain what is meant by the term "the exchange of consideration. 29. Does consideration have to be fair? Explain your answer. 31. If a person who is rescued promises to pay the rescuer $1009 but doesn't pay, will the rescuer be successful in suing for breach of contract? Explain your