Book Opener

Consider the key terms in the list below. Then use these terms tocomplete the following exercises.contractmirror image rulecounterofferconsiderationcapacitylegalityacceptanceinvitation to negotiategenuine agreementrevocationrejectionoffer1. Write a poem or short play about two people who are planningto enter into a contract, using all of the terms listed above. Becreative and humorous.2. Share your poem or play with the rest of the class, using variousother forms of expression (music, silent modern dance, mime,etc.) to communicate important details.3. As a class, vote to select the best performance.4. Encourage the winner to present his or her poem or play to otherclasses that are studying business law.Self-Check Quiz Visitthe UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.comand click on Chapter 5:How Contracts Arise—Self-Check Quizzesto prepare for thechapter exam.Answer the following questions. Refer to the chapter for additional reinforcement.5. Describe the formalist theory of contract law.6. Explain the elements of legal contracts.7. Why are most advertisements in the newspaper treated as invitations tonegotiate? Are there exceptions? What are they?8. What are the exceptions to the mirror image rule?9. When an acceptance is sent over a long distance, when does it becomeeffective?10. How can genuine agreement be disrupted or destroyed?11. Under what circumstances might contract be voidable?12. Why is it desirable to put some contracts in writing?13. What two rules govern the revocation of contracts?Chapter 5: How Contracts Arise 123