1. Each state has a statute of _____ that outlines the requirements for forming each contract.
A.frauds
B.codes
C.acceptances
D.guidelines
2. When one party in a contract agrees to release the other party from performance and enters into a new contract with another party, this is known as
A. rescission.
B. novation.
C. discharge.
D. anticipatory repudiation
3. _____ is the item that’s bargained for in a case of agreement.
A. Void
B. Offer
C. Consideration
D. Acceptance