A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.
Correct Answer:
Verified
Q15: A contract may be extended and revised
Q16: Competent parties can be of any age
Q17: The part of the Uniform Commercial Code
Q18: It is not required for a formal
Q19: An executory contract is one in which
Q21: The meaning of an implied contract is
Q22: If an agreement imposes a legal obligation,
Q23: The parties to a contract must have
Q24: All but one of the following elements
Q25: An indication made by the offeree that
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