There are 6 elements to creating a contract

• Offer and acceptance - Proposal by 1 party to another with intent to create a legal binding agreement.
• Genuine agreement - Valid acceptance.
• Capacity - Legal ability to enter a contract.
• Consideration - Must exchange something of value in order to create a bond
• Legality - Must be permitted by law
• Writing/ proper form - Some agreements must be placed in writing to be fully enforceable

7 ways a contract can be ended

• Revocation by the offeror
• Time stated in the offer
• Reasonable length of time
• Rejection
• Counteroffer
• Death or insanity
• Destruction of product

Difference between an offer and offeree

An offeror is the person making the offer

offeree is the person who can accept the offerors terms and conditions to a contract.

How can an offer be kept open

Options - When the offeree gives the offeror something value in return to keep the offer open.

Firm offer - acts just like options but it includes writing

Requirements of acceptance

Acceptance must match the offer .

• Mirror image rule.
• acceptance must "mirror" or match offerr