An Executory Promise, Which Is Valid Consideration to Support a Contract

question 19

True/False

An executory promise, which is valid consideration to support a contract, is also the giving of value to support holder in due course status.

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Definitions:

Prequalification Offer

An initial offer made based on a preliminary assessment of the recipient's qualifications, often used in loan or credit applications.

Consent Order

A consent order is a legal agreement approved by a judge or regulatory authority, where parties agree to specific terms without admitting guilt or liability.

Illegal Behavior

Actions that violate laws and regulations, subjecting the perpetrator to legal penalties.

Federal Trade Commission

A government agency of the United States tasked with protecting consumers and ensuring a strong competitive market by enforcing antitrust and consumer protection laws.