1. What are the four basic requirements of a contract? (4 pts)
2. What is the difference between a unilateral and a bilateral contract? (4 pts)
3. Give an example of a bilateral contract AND a unilateral contract. (6 pts)
4. Give an example of an express contract AND an implied contract.(6 pts)
5. Describe the difference between a valid contract, a voidable contract, an unenforceable contract and a void contract AND give one example of each. (8 pts)
6. What are the necessary elements of an offer?(3 pts)
7. What are the different ways an offer can terminate? (6 pts)
8. Describe the mailbox rule. (2 pts)
9. What is consideration? (2 pts)
10. Give four examples of things that are not legally sufficient consideration. (4 pts)
11. Can a minor enter into a contract?(1 pt)
12. What is the status of the contract at the time the minor enters into it? (e.g. valid, void, voidable, enforceable, etc.) (1 pt)
13. Can either party get out of the contract? (1 pt)
14. If either party can get out of the contract, how do they do it? (2 pts)
16. What is an illegal contract?(2 pts)
17. Give three examples of an illegal contract.(3 pts)
18. Mike sends an offer to Jane via mail on July 1, 2006.Jane receives the offer on July 4, 2006.Mike sends a revocation of the offer in the mail on July 3, 2006 that is received by Jane on July 6, 2006.Jane sends an acceptance on July 5, 2006.Mike receives the acceptance on July 7, 2006.Assuming all of the above facts are true, is there a contract?(1 pt).Explain why or why not.(4 pts)