Jess says to a friend, “I’ll sell you my 2-year-old Toyota Camry for $4,000.” The friend says, “I’ll take it,” and they sign a short agreement to that effect. The friend didn’t know this, but Jess intended the offer as a joke. There will be a contract if:

A contract remains executory as long as any party to the contract has not fully performed.

The person who makes an offer to enter into a contract is the “offeree.”

Which of the following is not needed in order to have a valid contract?

In an auction without reserve, the seller must accept the highest bid and cannot withdraw the goods from sale.

Most courts hold that a liquidated debt cannot be compromised without new consideration.

Requirements contracts are not valid contracts as they are illusory.

Seasonal Selections, Inc. enters into a contract with Arthur’s Tree Farm to purchase all of the balsam fir tree boughs that it will need to make Christmas wreaths for the Christmas season. This contract is:

The courts generally inquire into the adequacy of consideration.

An agreement to settle an earlier contract that was in dispute is: