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Biz Law Ch 8 Review

Authored by Morgan Keck

Business

11th - 12th Grade

Used 6+ times

Biz Law Ch 8 Review
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37 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consideration is what the promisor needs out of the bargain to make his or her promise legally binding against him or her.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A promise unsupported by consideration is generally unenforceable.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally a promise to make a gift is enforceable.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally, what the parties give and get as consideration need to be of equal economic value.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a contract's termination clause gives a party the right to terminate for any reason whatsoever er, that party's promise to perform would be illusory and non-binding as consideration.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The payment of money for the release of an un-liquidated tort claim is adequate consideration to make the release enforceable.

True
False

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