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CHAPTER 8 - Consideration11. Which of the following is what a person will receive in return forperforming a contractual obligation?
12. Which of the following consists of something of value given to anotherparty in exchange for something else of value?
13. Which of the following are examples of consideration?
14. In a bilateral contract the consideration for each promise is ______.
15. In a unilateral contract the consideration for a promise is ______.
16. Which of the following is an exception to the rule requiring consideration?
17. Which of the following occurs when one party makes a promise knowingthe other party will rely on it, the other party does rely on it, and the onlyway to avoid injustice is to enforce the promise?
18. What did the court in the case in the text, Labriola v. Pollard Group, Inc.,rule regarding whether the noncompete agreement at issue in the casewas enforceable?
19. Which of the following wouldnotbe considered an example ofconsideration?
20. Which of the following istrueregarding the adequacy of consideration
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an item was sold for a low sum in order to avoid claims of creditors.21. In the case of Smith v. Riley, referenced in the text, what did the courtrule in regard to whether a purchase in the amount of "the sum of OneDollar ($1.00) and other and good and valuable consideration" wassufficient consideration to support an agreement?
22. Sam offers Betty his bicycle for $75. Which of the following is an exampleof an illusory promise on the part of Betty?
23. Which of the following is true regarding illusory promises?
24. Which of the following is false under the law in England?

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South-Western Federal Taxation 2020: Comprehensive
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South-Western Federal Taxation 2020: Comprehensive
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