Principles of Consideration in Contracts Quiz

Test your knowledge on consideration in contracts with 12 questions covering legal terms, requirements, and examples. Challenge yourself now!

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Which of the following is NOT a requirement for consideration in a contract?

It must be something of value.

It must be given in exchange for a promise.

It must be tangible.

It must be bargained for.

What is the legal term for when something is given up in exchange for a promise?

Precedent

Precedence

Consideration

Consequence

In consideration, what does 'bargained for' mean?

Negotiated

Received without asking

Exchanged for something else

Not relevant to consideration

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

Money

Promise to perform an act

Moral obligation

Transfer of property

Which of the following is true regarding adequacy of consideration?

It must always be of equal value to the promise given.

Courts generally do not consider adequacy of consideration.

It must be proportionate to the value of the promise.

It must be substantial but not necessarily equal.

In a bilateral contract, consideration is usually exchanged:

Before the promise is made.

After the promise is made.

Simultaneously with the promise.

At the discretion of the promisor.

Which of the following is NOT a requirement for valid consideration?

Legal value.

Bargained for by both parties.

Fair market value.

Sufficient.

In contract law, past consideration is generally not valid except under which circumstance?

If it involves a family member

If it involves an unforeseen event

If it involves a moral obligation

If it involves a charitable act

Which of the following is an example of past consideration?

Payment for goods delivered yesterday.

A promise made today in exchange for a promise made last week.

A promise made today in exchange for goods delivered tomorrow.

A promise made today in exchange for services performed last month.

#10

Consideration must not be:

Executed.

Sufficient.

Adequate.

Illusory.

#11

Which of the following is an example of nominal consideration?

A promise to pay $1 in exchange for a car.

A promise to pay $100 for a car worth $10,000.

A promise to pay $10,000 for a car worth $1.

A promise to pay $1,000 for a car worth $10,000.

#12

Which of the following is an example of valid consideration in a contract?

A promise to perform an act that is impossible to do.

A promise to do something illegal.

A promise to refrain from exercising a legal right.

A promise made under duress.

Principles of Consideration in Contracts Quiz

Which of the following is NOT a requirement for consideration in a contract?

What is the legal term for when something is given up in exchange for a promise?

In consideration, what does 'bargained for' mean?

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

Which of the following is true regarding adequacy of consideration?

In a bilateral contract, consideration is usually exchanged:

Which of the following is NOT a requirement for valid consideration?

In contract law, past consideration is generally not valid except under which circumstance?

Which of the following is an example of past consideration?

Consideration must not be:

Which of the following is an example of nominal consideration?

Which of the following is an example of valid consideration in a contract?

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