Please use a number list (like the one below) to answer all of the following questions:

1. List the 6 elements of a valid contract, as described in this week's Slides/Lecture. (DO NOT use different terms than the ones used in the Slides/Lecture!)
2. Adam says to Betty, "I will sell you my bicycle for $100." Betty replies, "I will buy it for $75." Has Betty accepted the offer, or not? What effect on the original offer does Betty's counter-offer have? Explain your answer.
3. Chan writes a letter to Dhaliwal on July 1st, offering to sell her property. Dhaliwal writes a letter on July 31st accepting Chan's offer. He puts the letter in the mailbox on the same day, and Chan receives it on August 4th. Is Dhaliwal's acceptance valid? Why or why not? Explain your answer.

Rules:

• Minimum 100 words total
• Do not recopy the questions
• Students are forbidden from accessing other students' work before completing this assignment
• Do not share your answers with any other students
• Suspected plagiarism cases will be reported to Academic Department, resulting in zero attendance credit and a plagiarism charge