#1
Which of the following is NOT a requirement for consideration in a contract?
Mutual agreement
Legal capacity
Benefit to one party
Legality of object
#2
Consideration must not be:
Adequate
Legal
Valuable
Unilateral
#3
Which of the following is NOT a valid form of consideration in a contract?
Money
Services
Past consideration
Gifts
#4
Which legal term refers to an agreement where one party gives up the right to pursue a legal claim?
Consideration
Waiver
Release
Rescission
#5
Which of the following is NOT required for a valid consideration in a contract?
Must be monetary
Must be legal
Must have value
Must involve a bargained-for exchange
#6
In a bilateral contract, consideration is provided by:
One party
Both parties
Third-party
None of the above
#7
Which doctrine allows courts to enforce contracts lacking consideration?
Doctrine of Promissory Estoppel
Doctrine of Precedent
Doctrine of Res Judicata
Doctrine of Consideration
#8
In a contract, consideration can be anything of value exchanged between the parties. Which of the following is NOT considered valid consideration?
Promise to do something
Promise to refrain from doing something
Promise to consider a future agreement
Promise to accept payment at a later date
#9
In a unilateral contract, consideration is provided by:
One party
Both parties
A third-party guarantor
None of the above
#10
Which doctrine allows courts to enforce contracts without consideration if it's in writing and signed?
Doctrine of Necessity
Doctrine of Formality
Doctrine of Consideration
Doctrine of Estoppel
#11
Consideration in a contract must have which of the following characteristics?
Economic value
Legal sufficiency
Be in cash only
Physical presence
#12
Which of the following is true regarding past consideration?
It is never valid consideration
It is always valid consideration
It is valid consideration if it was requested at the time
It is valid consideration if there is a pre-existing obligation
#13
Which of the following is true regarding nominal consideration?
It is always valid consideration
It is never valid consideration
It can be valid consideration under certain circumstances
It is valid consideration only if it is monetary
#14
In a contract, what is the term used for a promise given in exchange for an act?
Bilateral contract
Unilateral contract
Express contract
Implied contract
#15
What is the term for consideration that has been agreed upon, but not yet provided?
Executed consideration
Conditional consideration
Antecedent consideration
Executory consideration