There Are Certain Transactions That Are Enforceable Without Consideration

question 24

Multiple Choice

There are certain transactions that are enforceable without consideration. These include:

• A) promises to pay a debt barred by the statute of limitations.
• B) a promise to pay a debt that has been discharged in bankruptcy if certain requirements are met.
• C) a new promise to perform a voidable obligation that has not previously been avoided.
• D) All of these.

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Definitions:

Unilaterally

An action or decision made by one party or individual without the agreement or participation of others.

Colgate Doctrine

A legal principle allowing manufacturers to set minimum retail prices for products under certain conditions without violating antitrust laws.

Suggested Resale Prices

Recommendations made by manufacturers or wholesalers on the price at which goods should be sold to the public.

Sherman Act

A landmark federal statute in the antitrust law that prohibits monopolistic practices and promotes competition.