Business Law

Business Law

Chapter 8: Consideration

Multiple Choice

What parties give and get as consideration need not be of equal economic value is known as:

• Legal Value

• Nominal Consideration

• Adequacy of Consideration

• Contractual Exchange

Multiple Choice

When parties cannot state the amount precisely or they do not want the public to know.

• Legal Value

• Nominal Consideration

• Contractual Exchange

• Adequacy of Consideration

Open Ended

What is a transfer of ownership without receiving anything in return?