Answer the following questions.
1. Discuss the elements necessary for an effective offer? Detail each element.
2. What distinguishes a bilateral contract from a unilateral contract? Give a fact pattern for each.
3. How do capacity and legality play a role in contract law? Cite an example for each and explain how a court would approach deciding a case where capacity and a case where legality was at issue.
4. What are the rules used by Courts regarding the interpretation of contract terms? In other words, if the parties to a lawsuit are debating about what parts of a contract mean or say, how can the court come to a decision and decide how to interpret that?
5. With is the difference between a unilateral mistake and a mutual mistake? When could a unilateral mistake result in a contract being voidable? Explain.