
Chapter 8- Consideration Test

Quiz
•
Business
•
9th - 12th Grade
•
Medium
Courtney Schnoor
Used 8+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The transfer of ownership without receiving anything in return is called a gift.
True
False
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If a contract contains a clause that allows you to escape the legal obligation, the promise is said to be
(a) nominal consideration
(b) illusory
(c) adequate consideration
(d) none of these
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Consideration can be given by conferring (have discussions about) the benefit or by incurring a detriment (damage).
True
False
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is not a part of consideration?
(a) future performance
(b) immediate performance
(c) past performance
(d) present performance
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A promise must be binding to be consideration.
True
False
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A big difference in economic value of what one gives and receives may be evidence of
(a) duress
(b) mutual mistake
(c) fraud
(d) all of these
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
To promise to do something that you are already obligated to do by law cannot serve as consideration.
True
False
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