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:

Deferral period

The time span during which payments or obligations are postponed or delayed.

Registered Retirement Savings Plan

A type of Canadian account for holding savings and investment assets, aimed at facilitating retirement savings.

End-of-month payments

Payments made at the conclusion of the month, often used in context with loans, rents, and utilities.

Compounded monthly

The process of adding interest to the principal sum of a loan or deposit, where this addition of interest occurs once every month.