SECTION 1: Short answer questions 1. Explain what is meant by a bilateral contract (1 mark) 2. Identify 1 way in which an offer may be ended (1 mark) 3. Name 1 of the 2 conditions that must be complied with for there to be valid acceptance of an offer? (1 marks) 4. What is meant by executory consideration? (1 mark) 5. Identify the general presumption that arises in business/commercial agreements (1 mark) 6. Explain what is meant by a "warranty" in a contract (include relevant case law in your answer)