With Regard Only to the Requirement of Consideration, Which One

question 166

Multiple Choice

With regard only to the requirement of consideration, which one of the following would be a binding contract?

• A) A promise by Tom to drive a co-worker to Timmins, Ontario
• B) A promise to give $10 in exchange for a promise to give a can of pop
• C) A promise by Mr. Brent to pay $25 to John, who found and returned Brent's wallet, which Brent didn't even know he had lost until John delivered it
• D) An agreement between a contractor and a homeowner that the owner would pay an additional $1000 if the contractor would complete the existing contract according to all its terms
• E) A written promise, but not under seal, to give John $50 on Saturday

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Definitions:

Pay Schedule

A list showing how often an employee is paid, such as weekly, biweekly, or monthly.

Voluntary Deductions

Optional financial contributions that an employee elects to have withheld from their paycheck, such as for retirement plans or charitable donations.

Eligibility For Employment

The criteria or conditions that determine whether an individual is qualified or permitted to be hired for a given job.

Commission

A form of payment to an employee based on the amount of sales they generate.