Chapter 15 Quiz - Ch 15 Consideration The concept of...

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Ch. 15 - Consideration The concept of consideration has been phased out as a requirement of the law. False Consideration is a fundamental element of the common law of contracts. A promise to make a gift is enforceable. False There is no legal benefit, or consideration, to the promisor. Forbearance may constitute consideration. True The choice to not act when one has the right to act incurs legal detriment to the party. A past benefit already received by a promisor can be consideration for a new promise. False Past consideration is generally not consideration for a new promise. Courts rarely consider adequacy of consideration. True Courts rarely consider adequacy of consideration given for a promise. It is a matter for the parties to decide when they make their contract whether each is getting a fair return. Which of the following is legally sufficient consideration? Refraining from smoking cigarettes.
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Unformatted text preview: Promising to not exercise a legal right such as smoking. Consideration is: What is demanded by the promisor as the price for the promise? The promisor can demand the nature of the consideration in return for her promise. When there is no consideration for a promise, the agreement is: Not binding. The agreement is not necessarily void, unless it has an illegal purpose in which case the agreement is void. In a unilateral contract, the consideration for the promise is: The doing of the act called for by the promisor. In a unilateral contract, consideration for the promise is performance by the promisee. Generally, courts will consider the adequacy of the consideration only when: One party claims to have been defrauded. If a party claims to have been defrauded, then the courts will examine the consideration involved in the transaction....
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