Consideration can be given by confering the benefit or by incurring a detriment.

Consideration never consists of a change in a party's legal position as a result of the contract.

Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party.

To promise to do something that you are already obligated to do by law cannot serve as consideration.

The statute of limitations specifies a time limit for consideration

There are no exceptions to the general rule that mutual consideration is necessary for a valid contract.

If a contract contains a termination clause for any reason, the promise to perform is illusory?

A person under contract can sign another contract that offers more money and benefits.

Existing public duty limit public officials from making promises.

Which of the following does not require mutual consideration?

Legal value is found in

a liquidated debt is one where the parties agree

When consideration is provided to keep an offer open, it creates

A big difference in economic value of what one give and receives may be evidence of

Person to whom a debt is owed.

Person to whom a promise is made.

Person who gives a gift.

Promise not to do something.

Clause in a contract that allows you to escape the legal obligation.

Something for which a detriment can be exchanged.

A settlement made by parties when the liability is unliquidated.

Type of debt that occurs when the parties agree to the existence and the amount of the debt.

Type of contract requiring the seller to supply all the needs of a buyer.

Length of time most states use for a statute of limitiations.

Under the UCC, the merchants must leave offers open for how many number of months?

A merchant's promise to leave an open offer is called a

The consideration is grossly inadequate so as to shock the conscience of the court.

Charitable organizations must specify one of the following for courts to enforce a pledge.

An agreement to buy all of the producer's productions is a(n)