A Contractual Agreement Always Involves Either a Promise Exchanged for a Promise

question 49

True/False

A contractual agreement always involves either a promise exchanged for a promise or a promise exchanged for a completed act or forbearance to act.

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Definitions:

Chancery Court

A specialized court dealing with matters of equity, such as trusts, estates, and guardianships, often distinct from courts of law.

Exchequer Court

A historic court that dealt with financial and revenue matters, historically part of the judicial system in some jurisdictions.

Roman Law

The legal system of ancient Rome, which serves as the basis for civil law in many modern countries.

Legal Positivism

A theory of law that holds that laws are rules made by human beings and are not derived from morality or any external source of authority.