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:

Last Endorsee

The most recent party to whom a negotiable instrument, such as a check or promissory note, has been endorsed.

Uniform Commercial Code

A set of laws that are intended to harmonize sales and commercial transactions across the United States.

Banks

Financial institutions licensed to receive deposits and provide loans, along with other financial services.

Considered

Thoughtfully evaluated or contemplated before making a decision or judgment.