1. Compare valid, void, voidable, and unenforceable contracts.

2. How can an offeror revoke an offer?

3. What is accord and satisfaction in contractual terms?

4. What are licensing statutes?

5. Bobby voluntarily enrolls in a skydiving course at OpenSkies Pvt. Ltd., an adventure firm. He signs a contract that relieves OpenSkies of liability. After receiving proper instruction, he jumps from an airplane. Unfortunately, Bobby is injured when he could not steer his parachute toward the target area while landing. He sues the parachute center for damages. But the court found that the contract protected OpenSkies from damages, as Bobby had voluntarily joined the course knowing all the risks involved. What kind of contractual provision protected OpenSkies from having to pay Bobby damages and why?

A) noncompete clause

B) exculpatory clause

C) duty of restitution

D) disaffirmance