It Is Not Necessary for a Contract to State Consideration

question 15

True/False

It is not necessary for a contract to state consideration flowing from one party to another.

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Definitions:

Bankruptcy Abuse

Activities that exploit the bankruptcy system in a deceitful or fraudulent manner to gain undue advantage or evade debt obligations.

Debtor's Income

The amount of money received by an individual or entity who owes a debt to another party.

Bankruptcy Trustee

A person appointed by the court to manage the debtor’s funds in a bankruptcy proceeding.

Debtor's Estate

The total sum of a debtor's legal rights, obligations, and owned property that might be used to repay debts.