Contract Law Quiz
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Questions and Answers

Which of the following is a valid form of consideration in contract law?

  • A purely sentimental gesture
  • A promise made in a social setting
  • Goods or services exchanged between the parties (correct)
  • A verbal agreement without any tangible exchange

    • What is the purpose of the legal principle of consideration in contract law?

  • To distinguish between casual and legally binding promises
  • To ensure that contracts are enforceable
  • To protect parties from being held liable
  • To create mutuality of obligation (correct)

    • What criteria must consideration meet to be valid?

  • It must have some economic or tangible worth (correct)
  • It must be a verbal agreement
  • It must be purely sentimental
  • It must be exchanged between the parties

    • Which of the following is an example of invalid consideration?

    <p>Party A promises to give Party B a car if Party A feels like it</p> Signup and view all the answers

    Which of the following is an example of valid consideration?

    <p>Party A promises to deliver goods to Party B by a specified date</p> Signup and view all the answers

    Which of the following is NOT a valid consideration?

    <p>Moral obligations</p> Signup and view all the answers

    Which of the following is an example of past consideration?

    <p>Party A promises to pay Party B $500 for repairing Party A's car</p> Signup and view all the answers

    Which of the following is NOT necessary for consideration in a contract?

    <p>Legal capacity</p> Signup and view all the answers

    What is the significance of consideration in contract law?

    <p>It determines the enforceability of agreements</p> Signup and view all the answers

    What does the concept of 'adequacy of consideration' mean?

    <p>Consideration does not have to be equal in value</p> Signup and view all the answers

    Which of the following is an example of valid consideration?

    <p>A promises to mow B's lawn in exchange for $100</p> Signup and view all the answers

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