Business Law - Chp. 8: Consideration
Authored by Pennie Barron
Business
12th Grade
Used 26+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What a person demands and generally must receive in order to make his or her promise legally binding
consideration
forbearance
promisor
legal value
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in the legal position of a party as a result of a contract
requirements contract
accord and satisfaction
legal value
release
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Voluntary transfer of ownership without consideration
release
donor
forbearance
gift
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refraining from doing what one has a right to do
forbearance
consideration
legal value
donee
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely
output contract
nominal consideration
legal value
requirements contract
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debt for which the parties agree that the debt exists and on the amount of the debt
liquidated debt
release
accord and satisfaction
promissory estoppel
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration
forbearance
accord and satisfaction
promissory estoppel
gift
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