GHS Business Law

Please answer the following questions in complete sentences and with a detailed answer. You will NOT receive credit if they are incomplete sentences or no detail is given in your answer. 

7-1
1. Describe 3 ways genuine assessment may be missing from and offer or assent.
2. Why are most advertisements considered invitations rather than offers?
3. What are the elements required to form a contract?
4. What are the requirements for an offer?
7-2
5. Why is it prudent to state a time available for an acceptance when making an offer?
6. What are the consequences if an offeror accepts an option to keep an offer open for 60 days, but sells the property offered to a third party for a greater amount within those 60 days?
7. Describe how an offereor can end an offer.
8. Describe how an offeree can end an offer.
9. Explain how the parties can create offers that cannot be ended by the offeror.
7.3
10. Why is silence generally not evidence of acceptance and are there expectations to this rule?
11. What are the requirements of an effective acceptance?
12. At what point in time is an acceptance effective?

Vocabulary
Define and know these terms for the test:
1. Revocation
2. Counteroffer
3. Firm Offer
4. Unilateral acceptance
5. Bilateral acceptance

1. Chapter 7 Vocabulary: Type or write out the definition for Chapter 7 Vocabulary & Turn in the class tray!

Chapter 7 Project Assignments
You will be placed into two groups. Each group will be responsible for teaching a portion of Chapter 7 to the class. Each group is responsible for:
1) Presenting your portion of the chapter in a CREATIVE way.
2) All areas of the chapter's portion you are assigned to must be taught.
3) All students in the group must present and must be active participants.
4) Handouts must be provided to the entire class for your portion of the chapter.
5) Grade will be based on creativity of presentation, participation within your group, participation on day of presentation, and your group's ability to present all information required.