Which of the following statements is correct with respect to the law of consideration?
A) The amount of consideration to be paid in a contract must be reasonable (that is, fair) from the point of view of each party.
B) Without consideration or a seal, there can be no contract.
C) Consideration must have some value but need not be specific.
D) For a contract to be binding, something valuable must have changed hands. This consideration may have been paid before the agreement (past consideration) or at the time of the agreement (present consideration) , but future consideration is no consideration.
E) Consideration need not be specific, just so both parties get something out of the deal.
Correct Answer:
Verified
Q66: George contracted with Bob to have a
Q67: Which of the following is not correct
Q68: If you owe Mr. Storr $900 for
Q69: "Quantum meruit" means
A) "a shield but not
Q70: All of the essential terms of a
Q72: Indicate which of the following statements is
Q73: Which of the following could not be
Q74: Which of the following is false with
Q75: Which of the following statements is correct
Q76: XYZ company, a distributor of auto parts,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Install the app to get 2 free unlocks
Unlock quizzes for free by uploading documents