Fill in the Appropriate Term

Essay

Fill in the appropriate term.
(             )   consists of two parts: something of legal value given in exchange for the promise and a
part of a bargained-for exchange.
A(n) (           )   gives one of the parties the right to buy (or sell) something at a certain price at a
certain time.
A rejection of the original offer which is also a new offer is called a   (                 )   .
A (                  )   mistake about a   (          )   fact will enable either party to rescind the contract.
When there is a valid ( ______ ), one of the original parties to the contract is completely relieved of
all former obligations under the contract.
The validity of a contract that has been fully performed cannot be challenged for failure to comply with the ( ______________________).