Business Law Principles and Practices

Business

Quiz 8 :
Consideration

Quiz 8 :
Consideration

Showing 1 - 20 of 50
Next Quiz
arrow
Consideration is needed to make a promise legally enforceable.
Free
True False
Answer:

Answer:

True

arrow
A promise to make a gift is enforceable in a court of law.
Free
True False
Answer:

Answer:

False

arrow
Consideration may be something other than money.
Free
True False
Answer:

Answer:

True

arrow
A promise to refrain from doing something that the law requires is consideration.
True False
Answer:
arrow
Forbearance is a promise to do something you are not legally required to do.
True False
Answer:
arrow
Courts never question the adequacy of consideration.
True False
Answer:
arrow
Courts will not enforce contracts calling for nominal consideration.
True False
Answer:
arrow
Love and affection are generally considered to be valid consideration.
True False
Answer:
arrow
Promises made to charitable organizations that depend upon volunteer contributions are generally enforceable without consideration.
True False
Answer:
arrow
Promising to do something you are already required to do is adequate consideration.
True False
Answer:
arrow
A creditor's promise to accept less than the amount owed as full payment of a debt is legally binding.
True False
Answer:
arrow
Part payment of a debt may cancel the entire debt if there is an honest dispute over the exact amount of the debt.
True False
Answer:
arrow
A debtor who makes a part payment of the debt before the due date is still liable for the balance if there is no dispute over the debt.
True False
Answer:
arrow
A promise to pay a reward to a police officer for capturing a criminal is not legally enforceable.
True False
Answer:
arrow
A liquidated debt is one that is not in dispute.
True False
Answer:
arrow
Consideration may be
Multiple Choice
Answer:
arrow
To be legally enforceable as a contract, the courts require that each party to an agreement give up something of value called
Multiple Choice
Answer:
arrow
Benson orally promised to give his nineteen-year-old son a car as a birthday gift. Benson was not legally bound to his promise because
Multiple Choice
Answer:
arrow
An agreement that lacks consideration is said to be
Multiple Choice
Answer:
arrow
Consideration can be
Multiple Choice
Answer:
Showing 1 - 20 of 50
Next Quiz