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Questions and Answers
Which of the following statements accurately describes consideration in a contract?
Which of the following statements accurately describes consideration in a contract?
- 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.
What is the rule 'No consideration, no contract' referring to?
What is the rule 'No consideration, no contract' referring to?
- 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.
Under what circumstances can a contract be valid without consideration?
Under what circumstances can a contract be valid 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)
What is the doctrine of privity of contract?
What is the doctrine of privity of contract?
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What does the term 'quid pro quo' mean in relation to consideration?
What does the term 'quid pro quo' mean in relation to consideration?
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