Contract Questions

The element of exchange is present past consideration

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Unformatted text preview: c. d. An offeror’s revocation is effective when sent by offeror. received by offeree sent by offeror. received by offeree. 538. Which of the following statements is correct concerning usury laws? a. Usury laws generally apply to businesses or large transactions but not to ordinary consumer transactions. b. Most usury laws have been held to be a violation of an individual’s right to contract. c. Usury laws are intended to prevent the charging of an excessive interest rate. d. Usury laws can be avoided by using a lease rather than a bill of sale. 539. Which of the following statements is most correct concerning promise to make a gift to a charity? a. They are generally not enforceable. b. They are equated with gifts. c. They are generally enforceable. d. Usually the party making such is not liable. 540. a. b. c. d. Which of the following statements is most descriptive of past consideration? The element of exchange is present. Past consideration is no consideration. Past consideration is present consideration under the common law. Past consideration is never lega...
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