Which of the Following Statements Is Not True Concerning Consideration

question 75

Multiple Choice

Which of the following statements is not true concerning consideration?

• A)Consideration need not be adequate
• B)Consideration must be sufficient
• C)A promise may still be enforceable in the absence of consideration if the requirements of promissory estoppel are satisfied
• D)The price paid for a promise must be a fair price

---

Definitions:

Margin of Safety

The difference between actual or expected sales and the sales level at which the business incurs no profit or loss.

Break-even Point

The point at which total costs and total revenue are equal, meaning there is no net loss or gain, and the business is just covering its costs.

Break-even Point

The level of sales or production at which total revenues equal total expenses, resulting in neither profit nor loss.

Fixed Costs

Costs that do not change with the level of output or sales, such as rent, salaries, or insurance premiums.