Which of the Following Statements Is Correct with Respect to the Law

question 160

Multiple Choice

Which of the following statements is correct with respect to the law of consideration?

• A) The amount of consideration to be paid in a contract must be reasonable (that is, fair) from the point of view of each party.
• B) Without consideration or a seal, there can be no contract.
• C) Consideration must have some value but need not be specific.
• D) For a contract to be binding, something valuable must have changed hands. This consideration may have been paid before the agreement (past consideration) or at the time of the agreement (present consideration), but future consideration is no consideration.
• E) Consideration need not be specific, just so both parties get something out of the deal.

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Definitions:

Directed Remembering

A task in which individuals are instructed to remember information in a controlled or specific manner.

Goal-driven

Activities or behaviors that are motivated by a specific, desired outcome, often requiring planning and decision-making to achieve.

Memory Searching

The process by which individuals try to retrieve specific information or memories from their long-term memory.