Question

Question 6

Consideration is:

a. the concern of both contracting parties for the protection of the environment.

b. the concern shown by the other contracting party.

C. a stated number of dollars.

d. what is demanded by the promisor as the price for the promise.

Question 8

An executory contract is:

a. void if neither party has performed.

b. always unilateral in nature.

c. entered into but not fully performed.

d. One that has been completely performed.

Question 9

A minor cannot avoid a contract to purchase a car if the:

a. car is used for non-commercial purposes.

b. car has been destroyed.

c. minor is able to return the car but does not do so.

d. car has been damaged.

Question 11

A legally binding agreement that can be rejected at the option of one of the parties is called a(n):

a. void agreement.

b. optional agreement.

c. voidable contract.

d. revoked contract.

Question 12

A firm offer is an offer that states that it is to be irrevocable, or irrevocable for a stated period of time.

True

False

Answer 1

Consideration is

- what is demanded by the promisor as the price for the promise.

It means something of value given to someone in exchange of some other thing. Benefit received by two parties when they come in contract

8. An executory contract is

- entered into but not fully performed.

It is a contract between two parties in which terms and conditions are set to be fulfilled in a future date.

9. A minor cannot avoid a contract to purchase a car if the

- minor is able to return the car but does not do so

11. A legally binding agreement that can be rejected at the option of one of the parties is called

- voidable agreement

It is a valid contract but can be rejected by any side of the party.

12. True

'A firm offer is an offer that is irrevocable because an option has been paid by any one of the parties.'