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Contracts have to be fair to all parties involved.

Which of the following is not needed for a valid offer?

Tony takes his car to the repair shop and asks for a new transmission.  When he returns to get the car, the bill is $2,000.  Tony refuses to pay stating that there is no contract since he did not expressly agree to pay $2,000.  A court would likely find that there was in fact a contract and that Tony has to pay the $2,000.

Accepting an offer to do something that you are already legally obligated to do does not make a valid contract.  

An agreement or contract where one promise is given in exchange for another promise.

Parties to illegal agreements are generally not entitled to help from the courts.

John wants to sell his car and tells his cousin, Kelly that he will take $5,000 for it.  Kelly doesn’t want it, but Leon is listening to their conversation and says he will buy it for $5,000.  John and Leon have a contract.

A promise based on a party’s past performance is not consideration.

An agreement that calls for the commission of a civil wrong is illegal and void.

Which of the following is NOT an element of negligence?