Question

The legal concept of “Adequacy of Consideration means

Select one:

a.
The court does not care if the amount of money received in exchange for labor or property is adequate.

b. The contract agreement must contain the word "consideration."

c.
The amount of money received in exchange for labor or property must be adequate or it is not a legal contract.

Consideration involves each party inducing the other to change their position at

Select one:

a. Approximately the same time.

b. Exactly the same time.

c. Different times.

A promise to do what one already has a legal duty to do is known as

Select one:

a. preexisting duty.

b. past consideration.

The statement "I promise to give the employees a bonus if I feel like it" is an example of

Select one:

a. preexisting duty.

b. past consideration.

c. an illusory promise.

d. consideration.

Which of the following is not an example of unforeseen circumstances:

Select one:

a. An earthquake.

b. War.

c. Inflation.

d. A forest fire.

Clear my choice

The "legal value" in the definition of contract consideration applies to

Select one:

a. Promises.

b. All of the answers are correct.

c. Money.

d. Labor.

e. Forbearance.

Answer 1

1 - Option C

The amount of money received in exchange for labor or property must be adequate or it is not a legal contract.

2 - Option A

Approximately the same time.

3 - Option A

Preexisiting duty

4 - Option C

Illusionary promise

This is because the performance of the promise is not certain here.

5 - Option C

Inflation

Inflation can be predicted beforehand as per the economic conditions. The other options are unforeseen circumstances.

6 - Option A

Promises