Chapter 4

Question 1

The rejection of an original offer that becomes a new valid offer

Answer 1

Counteroffer

Question 2

A presentation or proposal for acceptance to form a contract

Answer 2

Offer

Question 3

Something of value, such as money, a promise, property, or personal services

Answer 3

Consideration

Question 4

An offer by one of the parties to carry out his or her part of the contract

Answer 4

Tender

Question 5

The law that requires cotracts to be in writing

Answer 5

Statute of frauds

Question 6

The relinquishment or refusal to accept a right

Answer 6

Assignor

Question 7

A court action brought to compel a party to carry out the terms of a contract

Answer 7

Speciic performance

Question 8

A contract in which obligation to perform exists on one or both sides

Answer 8

Executory contract

Question 9

The canceling of an offer to contract by the person making the original offer

Answer 9

Revocation

Question 10

Party to whom a lease is assigned or transferred

Answer 10

Assignee

Question 11

Legal action taken to repel a contract either by mutual consent of the parties or by ne party when the other party has breached a contract

Answer 11

Recission

Question 12

The party making an offer

Answer 12

Offeror

Question 13

The substitution by agreement of a new obligation for an existing one

Answer 13

Novation

Question 14

Parties declare the terms and put their intentions in oral or written words

Answer 14

Express contract