9-1

A promise of a gift is enforceable in court.

• True

• False

A valid gift arises when there has been a transfer of possession with the intent to transfer ownership.

• True

• False

The person who makes a gift is called the donee.

• True

• False

Consideration can be found in the exchange of benefits, or in the trading of a benefit for a detriment, or in bargaining to exchange two detriments.

• True

• False

To create an enforceable contract, the things exchanged must have approximately the same economic value.

• True

• False

A promise not to do something

• Consideration

• Benefit

• Detriment

• Forbearance

the exchange of benefits and detriments by parties to an agreement

• Consideration

• Benefit

• Detriment

• Forbearance

something that a party was not previously entitled to receive

• Consideration

• Benefit

• Detriment

• Forbearance

any loss suffered

• Consideration

• Benefit

• Detriment

• Forbearance

If the consideration is illegal, the contract is _____

• Invalid

• Valid

• Worthy

• Dumb