Which of the Following Is Not an Example of Insufficient

question 48

Multiple Choice

Which of the following is not an example of insufficient consideration for performance of a contract?

• A)A vague promise to do something or refrain from doing something.
• B)A price paid before the making of a promise: that is past consideration.
• C)A sum of money that represents less than the reasonable market value of the goods or services.
• D)A promise to do something that the promisor is already legally obliged to do.

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Definitions:

Transferee

The party to whom rights, titles, or interests are transferred or assigned from another party.

Receiving

The process of accepting delivery of goods, verifying them against purchase orders, and formally acknowledging possession.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of a personal account, ensuring the availability of funds.

Drawer

The party that writes or creates a bill of exchange, such as a check, directing a drawee to pay a specified sum to a payee.