1) What are the two main components of agreement, the first element of a valid contract?
2) Read the case of Lucy v Zehmer on page 232. Discounting the claim that he was drunk (that would be a lack of capacity issue in Ch 14) what was Zehmer's main argument against the fact that he made a contractual offer? Why did the Supreme Court of Virginia not agree with Zehmer's argument?
3) What are the 3 elements of a valid contractual offer?
4) Name at least 5 different ways an offer can terminate
5) Explain the legal distinction between rejection and counter offer and mere inquiry about the offeror's negotiability?
6) Assume each of these 4 independent correspondences are sent on February 10 and received on February 14...when is each one effective?
a) An offer
b) A revocation of an offer
c) A rejection (counter offer)
d) An authorized acceptance to an offer.