The Requirement of Legally Sufficient Consideration

question 33

Multiple Choice

The requirement of legally sufficient consideration:

• A) is that the parties have agreed to an exchange and it imposed a legal detriment upon the promisee or conferred a legal benefit upon the promisor.
• B) has nothing to do with the legal value of what is exchanged.
• C) means the subject matter that the parties agree to exchange has to have the same value.
• D) is the same as the requirement of adequacy of consideration.

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Definitions:

Serial-Position Effect

A psychological phenomenon in which a person tends to remember the first and last items in a series better than the middle items.

Retrieval

The process of accessing and bringing into consciousness information stored in memory.

Stored Information

Data or knowledge retained in the mind or in digital/formal systems for future use.

Consciousness

A concept with many meanings, including sensory awareness of the world outside, direct inner awareness of one’s thoughts and feelings, personal unity, and the waking state.