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.