Review Exam III

an announcement published for the purpose of creating interest and attracting a response by many people

a contract that is created entirely throught conversation of the parties involved

a contract that has been fully completed by both parties

the calling back of an offer by the offeror before the offer has been accepted or rejected

a "meeting of the minds"

a person who is of legal age and normal mentality

the act of applying unlawful or improper pressure or influence to a person to gain his or her agreement to a contract

a contract with several unrelated parts

the promises exchanges by parties to a contract

a contract that is understood from the acts or conduct of the parties

a response to an offer

a written contract that bears a seal

a contract that allows the incompetent party to withdraw

a contract with several related parts, each dependant on the other parts for satisfactory performance

a contract whose meaning is not determined by the conduct of the parties

a requirement for contracts for the sale of goods for $500 or more

a contract that has not yet been completed by both parties

a contract that lacks an essential element and hence was never legally a contract

the intentional misstatement or nondisclosure of a material fact made by one party with the hope of influencing the other party

the requirement that a contract cannot violate the law

a relatively new organizational form available in most states that provides all of the owners with limited

a business formed as a separate legal entity

a document that lists the general powers of a corporation

a business in which there are one or more general partners and one or more limited partners

a business ownes and operated by one person

legal exposure in which an owner of a business is not personal liable for all of the debts and obligations of the business