Contract Law and Law of Sales Study Guide

A person who makes an offer is known as a(n) ______.

• Offeree

• Counteroffer

• Offeror

• Merchant

The violation, without legal excuse, of a contractual obligation is called ______.

• Counteroffer

• Breach of Contract

• Commerce

• Obligation

A legally binding agreement between two or more parties that create mutual obligations enforceable by law is a ______.

• Contract

• Offeror

• Merchant

• Counteroffer

The activity and exchange of selling and buying of goods, services, property, etc., is known as ______.

• Commerce

• Obligation

• Offeree

• Breach of Contract

A person that regularly deals in transactions involving certain types of goods or holds himself out as having special knowledge about those goods is a ______.

• Merchant

• Offeror

• Offeree

• Counteroffer

An offer in response to an initial offer is called a ______.

• Counteroffer

• Contract

• Obligation

• Commerce

The course of action that someone is required to do to meet the terms of a contract or agreement is called an ______.

• Obligation

• Offeror

• Merchant

• Counteroffer

______________________ is a person to which the offer is made for.

• Offeror

• Offeree

• Lawyer

• Judge

Businesses and consumers use contracts daily.

• True

• False

All contracts must go through a contract lawyer before it’s legal.

• True

• False