Past Benefits Already Received by a Promisor Cannot Be Consideration

question 49

True/False

Past benefits already received by a promisor cannot be consideration for a later promise.

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Definitions:

Licensee

An individual or entity that has been granted legal permission by a licensor to use, produce, or sell someone else's product, technology, or intellectual property.

Direct Ownership

A method of entering an international market in which a domestic firm actively manages a foreign company or overseas facilities.

Assembly Plant

A facility used for industrial production where pieces of products are put together to construct a finished good.

Legal Agreement

A binding contract between two or more parties that is enforceable by law.