Which of the following is true with regard to contract law?
A)An exchange of promises is not adequate consideration to form a contract.
B)A contract for a $50 000 boat must be evidenced in writing to be a valid contract.
C)To form a contract,there must be an offer that is accepted unconditionally.
D)The parties to a contract can always go to court and have the court declare a contract void if the consideration is not adequate (i.e.,fair).
E)A contract is void if it is required to be evidenced in writing under the Statute of Frauds,and is not.

Question

Quizplus · Accepted Answer

To form a contract, there must be an offer that is accepted unconditionally. The other options are incorrect. An exchange of promises can be adequate consideration, a contract for a $50 000 boat does not need to be evidenced in writing, parties cannot always go to court to have the court declare a contract void based on inadequate consideration, and not all contracts required to be evidenced in writing under the Statute of Frauds are automatically void if they are not.

Which of the Following Is True with Regard to Contract