Consideration to Support a Simple Contract Is Not Sufficient Value

question 60

True/False

Consideration to support a simple contract is not sufficient value to support the acquisition of a security interest.

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Definitions:

Alternative Dispute Resolution

A range of dispute resolution methods outside of the courtroom, including mediation and arbitration, intended to result in a consensus between the parties.

Litigating

The process of taking legal action or settling disputes in court.

Backlog

A buildup of unfinished tasks, work, or orders that have yet to be addressed or completed.

Spoliation

The intentional or negligent destruction, alteration, or concealment of evidence that is relevant to a legal proceeding.