What Is the Modern-Day Rationale for Enforcing a Gratuitous Promise

question 26

Multiple Choice

What is the modern-day rationale for enforcing a gratuitous promise if the promisor has placed a seal beside his or her signature?

• A) The presence of the seal protects against forgery.
• B) The application of the seal suggests serious intent to be legally bound.
• C) The presence of the seal suggests a "firm offer" is being made.
• D) The seal serves to verify the identity of the parties.

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Definitions:

Judicially Dissolve

A legal process in which a court orders the termination of an entity, such as a corporation, due to specific circumstances.

Unsatisfied Judgment

A legal judgment that has not been fully paid or settled by the debtor.

Insolvent

The state of being unable to pay debts when they are due, often leading to bankruptcy proceedings.

Dissolution

The process of legally terminating the existence of a corporation, partnership, or other legal entity.