Contract requirement, Chapt 2

What is consideration?

• A type of currency
• A legal document
• Something of value exchanged between parties to a contract
• A promise to perform a service

what is benefit?

• Disadvantage or loss incurred from something.
• A type of fruit.
• A form of punishment.
• Advantage or profit gained from something.

what is detriment?

• Creating opportunities
• The giving up of a legal right

• Being neutral
• Causing benefit or advantage

What is a nudum pactum?

• A nudum pactum is a legally binding contract with consideration.
• A nudum pactum is a type of insurance policy.
• A nudum pactum is a promise that is not legally binding due to lack of consideration.
• A nudum pactum is a form of currency exchange.

Who is a promisee?

• The person who breaks a promise
• The person to whom a promise is made
• The person who witnesses a promise
• The person who makes a promise

What is an option contract?

• A binding promise by an offeror to hole an offer open and requires consideration from the offeree to make it binding.

• A type of insurance policy for stock market investments
• A legal document for renting a property
• A form of government-issued identification