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Parties to a negotiable instrument who have liability for payment of the instrument are
classified as either primary parties or secondary parties. Distinguish between primary
parties and secondary parties.
A counteroffer ends the original offer and replaces it with a new offer.
An oral will is also known as a(n) ____________________ will.
Part payment of a debt can cancel a debt if there is an honest dispute over the correct
amount of the debt called a(n) ____________________ claim.
While Holt was out of town, Wills took care of Holt's garden. When Holt returned, she
promised to pay Wills $75. Is Holt's promise enforceable? Explain.
An advertisement in a newspaper or a display in a store window is considered to be a(n)
____________________.
A principal who ratifies an unauthorized contract is bound by its terms.
