Indicate the Correct Statement About Consideration

question 174

Multiple Choice

Indicate the correct statement about consideration.

• A) In a bilateral contract, the exchange of promises does not provide consideration for both parties.
• B) The common law holds that consideration must be adequate to insure that contracts are fair bargains.
• C) Consideration is "the price for which the promise (or the act) of the other is bought."
• D) An altered course of action, e.g., forbearance, is not good consideration.
• E) In a unilateral contract, the performance of the promisee provides no consideration to the promisor.

Understand the role of fixed costs in decisions to suspend operations and how variable and fixed costs affect such decisions.

Evaluate the decision to accept or reject a special order based on predetermined overhead rates and the impact on total net operating income.

Understand the different levels and types of strategies in business.

Comprehend Canada's international trade advantages and economic forces affecting Canadian businesses.

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Definitions:

Symbols of Power

Objects, actions, or titles that represent authority, influence, and command within a given context, signaling status and control.

Coercing

The act of compelling or influencing someone to do something by using force or threats.

Information Power

The influence or control over others derived from the possession, access, or control of valuable information.

Framing

The presentation or structuring of information in a particular way to influence perception or decision-making.