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Questions and Answers
Which of the following is a valid form of consideration in contract law?
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?
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?
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?
Which of the following is an example of invalid consideration?
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Which of the following is an example of valid consideration?
Which of the following is an example of valid consideration?
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Which of the following is NOT a valid consideration?
Which of the following is NOT a valid consideration?
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Which of the following is an example of past consideration?
Which of the following is an example of past consideration?
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Which of the following is NOT necessary for consideration in a contract?
Which of the following is NOT necessary for consideration in a contract?
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What is the significance of consideration in contract law?
What is the significance of consideration in contract law?
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What does the concept of 'adequacy of consideration' mean?
What does the concept of 'adequacy of consideration' mean?
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Which of the following is an example of valid consideration?
Which of the following is an example of valid consideration?
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