Business Laws and Consideration

Consideration only benefits the promisor.

Consideration refers to something given in return for a promise. (correct)

Consideration can be waived in certain circumstances.

Consideration is not necessary for a valid contract.

A contract can be valid even without consideration.

A contract is not valid without consideration. (correct)

A contract is void if consideration is not mentioned.

A contract can be enforced without consideration.

When the contract is between family members.

When the contract is for a large sum of money.

When the contract involves a third party.

When the contract is for a charitable purpose. (correct)

<p>A doctrine that prohibits a stranger to a contract from suing.</p> Signup and view all the answers

<p>Consideration must be something in return for a promise.</p> Signup and view all the answers