Which of the following is correct with regard to consideration?
A)In a unilateral contract, a promise is exchanged for an act or forbearance to act.
B)In a bilateral contract, there is an exchange of promises.
C)Legal sufficiency is always related to adequacy of consideration.
D)Two of the above, (a) and (b) are correct.

Question

Quizplus · Accepted Answer

Option (a) is correct as consideration in a unilateral contract involves a promise in exchange for an act or forbearance to act. Option (b) is also correct as bilateral contracts involve an exchange of promises between two parties. Option (c) is incorrect as legal sufficiency of consideration refers to whether the consideration offered is lawful and not related to its adequacy. Therefore, options (a) and (b) are correct making option (D) the best choice.

Which of the Following Is Correct with Regard to Consideration