NC Post 302 Correct Questions & Answers(Latest Update 2024)

Essential elements of a contract - ANSWER 1. Mutual Assent 2. Consideration 3. Legal Contractual capacity of the parties 4. Lawful objective and means of accomplishing objective 5. In writing Offeror vs. Offeree - ANSWER Offeror makes the offer, offeree accepts Counteroffer - ANSWER Rejects the original offer Methods of acceptance - ANSWER -Oral communication - Personal delivery - Electronically - mail Mailbox Rule - ANSWER As long as it leaves the offeror's possession its deemed as communicated Mutual Assent - ANSWER meeting of the minds Termination of offers - ANSWER revocation, rejection, expiration, operation of law. Any offer can be terminated prior to acceptance 3 things that mean you're under contract - ANSWER Offer, acceptance, communication of acceptance Exception to revoke acceptance -