1.

Which are the essential elements to a common law contract?

Money and a writing

A writing with detrimental reliance

Promissory estoppel

Agreement, consideration, capacity and legality

2.

What kind of contract is formed when each party makes a promise in return for the others promise (and all other essential elements of a contract are present)?

Executed

Executory

Unilateral

Bilateral

3.

Consideration, in contracts, can best be described as:

Concern for anothers feelings

The objective theory of contracts

Mutual assent

Something of legal value

4.

A promise to make a gift:

Is valid consideration

Is not valid consideration

Is a contract only if the giver doesnt ask for the gift back

Is unconsciousable

5.

The effect of a counteroffer on a contract offer is to:

Reject it for the next 5 minutes

Reject it entirely

Reject it except in the case of the Mailbox rule

Reject it except in the case of the Ascension rule of contracts