Contracts:

A. Enforceable Contract

a. Describe what a contract is

b. List requirements of an enforceable contract

c. Define the essential elements

d. Give at least one reason each element is necessary

Elements of an Offer:

e. Define the elements of a valid offer

f. List at least one important reason for each

B. Describe how an offer terminates

Question Two: Consideration

A. Define consideration

B. Identify the rules of consideration

C. List the four (4) types of consideration

a. Provide an example of each one

Question Three: Capacity

A. Describe the characteristics of a person who has full legal capacity to enter into binding, legal contract.

B. Distinguish between the classes of persons that have limited capacity versus those that have no capacity to enter into a contract.

Question Four: Legality

A. Identify contracts that lack legality and the effect of illegal agreements.

B. Give an example of something that violates public policy.

C. Give an example of contract that violates a statute.