SECTION I (Value - 2 points each blank - 60 pts) Fill in the blanks with the correct term(s). 1. The three elements necessary to the formation of a valid contract are: A . B. C 2. A condition or conditions which must be fulfilled prior to a contract taking effect is called a condition 3. A contract which contains all essential elements and information is a fully contract. 4. The statute of frauds requires a contract for real estate to be 5. Contracts entered into by minors are_ for a reasonable period of time after the minor reaches his or her majority. 6. A contract to commit a crime is 7. When you go to the store to purchase merchandise, and even though nothing is said or written, it is understood that the merchandise you purchase will be fit for the ordinary use for which it is intended. This often unwritten promise is called the warranty of: 8. A contract where the specific terms are neither stated orally or in writing is called an contract. 9. A promise exchanged for a promise results in formation of a contract. 10. value." is defined sometimes as "a bargained for exchange having legal 12. One who has been adjudicated as insane lacks the to enter a contract. 13. In order for minors to be relieved of their duties under a contract, they must return any benefit received and restore the 14. The declares it an unlawful employment practice for an employer Page 2 of 6