Legal Considerations - Chapter 8 - contracts

What distinguishes a legally enforceable promise from a generally unenforceable promise?

• The type of language used in the promise

• The presence or absence of consideration

• The number of parties involved

• The form of the promise (written or oral)

Courts do not consider the _____ of consideration.

• Amount

• Timing

• Source

• Form

Token amounts given as consideration are referred to as _____ consideration.

• Nominal consideration

• Minimal consideration

• Insufficient consideration

• Token consideration

• Standard consideration

A promise of a contribution to a charity is termed a:

• Charitable pledge

• Gift contract

• Donation agreement

• Benevolent promise

What is required to make a contractual promise legally binding?

• The promise must be written

• A specific performance deadline

• Consideration

• A legal review

Which of the following is NOT a valid form of consideration?

• A promise

• An act

• Past performance

• Forbearance

Can promises that are legally blocked still be enforced if confirmed again?

• Yes, they can be enforceable

• No, they remain unenforceable regardless

• Yes, but only if reaffirmed in writing

• No, unless a new statute allows it

Are pledges to pay money to charitable organizations generally enforceable without consideration?

• No, unless a legal contract is created

• No, they require consideration to be enforceable

• Yes, but only if they are documented

• Yes, they are usually enforceable

Is past performance considered valid consideration for a new promise?

• Yes, it is always considered valid

• No, it is not considered valid

• Yes, but only if the past performance was significant

• No, unless it was part of the original contract

Which of the following can constitute consideration?

• A promise

• An act

• Forbearance

• All of the above