1) To have a binding contract, a necessary element is:

Group of answer choices

at least two parties

counteroffer

a fair bargain

contract is put in writing and signed

2) The following is not an element of a contract:

Group of answer choices

paper

legality

offer and acceptance

consideration

3)All contracts must be:

Group of answer choices

able to be performed within one year

legal

in writing

reviewed by an attorney

4)A contract where there is an exchange of promises between the parties is:

Group of answer choices

unilateral

bilateral

governed by the UCC

required to be in writing

5)An offeror makes the:

Group of answer choices

acceptance

offer

assignee

none of the above

6)An offeror must always have:

Group of answer choices

negotiations skills

intent to enter into a contract

knowledge of the topic

objectivity

7)To be definite, an offer must include:

Group of answer choices

specific price

subject matter

the parties

all of the above

8)An offer must always be:

Group of answer choices

in writing

communicated to the offeree

in compliance with the UCC

fair to the offeree

9)Under the Mailbox Rule, an acceptance of an offer to contract is effective:

Group of answer choices

when placed in the mailbox by the offeree

when stamped as received by the post office (postmark date)

when received by the offeror

when placed in the mailbox by the offeror

10)An acceptance may be:

Group of answer choices

written

oral

implied

all of the above