#1
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.
#2
What is the legal term for when something is given up in exchange for a promise?
Precedent
Precedence
Consideration
Consequence
#3
In consideration, what does 'bargained for' mean?
Negotiated
Received without asking
Exchanged for something else
Not relevant to consideration
#4
Which of the following is NOT a valid form of consideration?
Money
Promise to perform an act
Moral obligation
Transfer of property
#5
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.
#6
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.
#7
Which of the following is NOT a requirement for valid consideration?
Legal value.
Bargained for by both parties.
Fair market value.
Sufficient.
#8
Which of the following is NOT a valid form of consideration in a contract?
Money
Love and affection
A promise to perform an illegal act
A promise to refrain from suing
#9
In contract law, consideration generally distinguishes a contract from a mere:
Agreement
Promise
Declaration
Intention
#10
Consideration in a contract is usually:
Implied
Expressed
Legal
Moral
#11
Which of the following is a requirement for valid consideration in a contract?
It must be fair to both parties.
It must be tangible.
It must have economic value.
It must be documented in writing.
#12
Which of the following is NOT a characteristic of valid consideration in a contract?
It must be lawful.
It must be of equal value to the promise given.
It must move from the promisee.
It must be given in exchange for a promise.
#13
What is the legal term for the act of voluntarily giving up a legal right?
Relinquishment
Forbearance
Requisition
Renunciation
#14
In contract law, what is the term for a promise made in exchange for another promise?
Unilateral contract
Bilateral contract
Executed contract
Executory contract
#15
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
#16
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.
#17
Consideration must not be:
Executed.
Sufficient.
Adequate.
Illusory.
#18
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.
#19
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.