CHAPTER 11 self test - CHAPTER 11 T/F SELF QUIZ True/False...

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CHAPTER 11 T/F SELF QUIZ
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True/False Indicate whether the sentence or statement is true or false. F 1. Consideration is the value given in return for a promise. ANSWER: T NOTES: REF: p. 227 T 2. Consideration need not be given as part of a bargained-for exchange to create an enforceable contract. ANSWER: F NOTES: REF: p. 227 T 3. For consideration to have "legally sufficient value," it does not have to consist of goods or money. ANSWER: T NOTES: REF: p. 227 T 4. Performance that creates a legally binding contract may consist of an affirmative act. ANSWER: T NOTES: REF: p. 227 T 5. A court will not enforce a promise by one party to pay another for refraining from an act that the other has a legal right to undertake. ANSWER: F NOTES: REF: p. 227 T 6. If a promise is made, it will be enforced. ANSWER: F NOTES: REF: p. 227 T 7. Use of the word consideration in an agreement means that consideration has been given. ANSWER:
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CHAPTER 11 self test - CHAPTER 11 T/F SELF QUIZ True/False...

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