Offer

Acceptance

Consideration

Capacity

An offer is more specific than an invitation to treat.

An offer is binding, while an invitation to treat is not.

An offer can be revoked, while an invitation to treat cannot.

All of the above.

Something of value given in exchange for a promise.

The price paid for a good or service.

The benefit received from a contract.

The detriment suffered by a party to a contract.

A void contract is unenforceable from the beginning, while a voidable contract is initially valid but can be later voided.

A void contract is illegal, while a voidable contract is not.

A void contract cannot be ratified, while a voidable contract can.

All of the above.

A law that requires certain types of contracts to be in writing.

A law that limits the amount of damages that can be awarded for breach of contract.

A law that governs the formation of contracts.

A law that governs the interpretation of contracts.

A warranty is a statement of fact, while a condition is a statement of opinion.

A warranty is a promise, while a condition is a contingency.

A warranty is breached if it is not true, while a condition is breached if it does not occur.

All of the above.

A doctrine that allows a party to sue for breach of contract even before the contract has been fully performed.

A doctrine that allows a party to cancel a contract if the other party is in breach.

A doctrine that allows a party to modify a contract if the other party is in breach.

A doctrine that allows a party to rescind a contract if the other party is in breach.

A liquidated damages clause is a provision that specifies the amount of damages that will be paid in the event of a breach of contract, while a penalty clause is a provision that specifies the amount of damages that will be paid in addition to the actual damages.

A liquidated damages clause is enforceable, while a penalty clause is not.

A liquidated damages clause is only enforceable if it is reasonable, while a penalty clause is enforceable regardless of whether it is reasonable.

All of the above.

A release is a complete discharge of a party from all liability, while a covenant not to sue is a promise not to sue a party for a particular claim.

A release is binding, while a covenant not to sue is not.

A release can be revoked, while a covenant not to sue cannot.

All of the above.

Mediation is a process in which a neutral third party helps the parties to reach a settlement, while arbitration is a process in which a neutral third party makes a binding decision.

Mediation is confidential, while arbitration is not.

Mediation is less expensive than arbitration.

All of the above.

Draft the contract carefully and make sure that all of the terms are clear and unambiguous.

Have an attorney review the contract before you sign it.

Make sure that both parties understand the terms of the contract before they sign it.

All of the above.

Try to negotiate a settlement with the other party.

File a lawsuit.

Go to mediation or arbitration.

All of the above.

Be prepared.

Be willing to compromise.

Be honest and ethical.

All of the above.

Practice.

Get feedback from others.

Read books and articles about negotiation.

All of the above.

Make sure that the contract is clear and unambiguous.

Make sure that the contract is complete.

Make sure that the contract is fair to both parties.

All of the above.