Assume That All Other Requirements for a Valid Contract Are

question 53

Multiple Choice

Assume that all other requirements for a valid contract are present and indicate which of the following would not be a binding agreement because of a problem with consideration.

• A)Laura promises to pay a carpenter,who is renovating the living room of her home,an additional $100 if he will install an extra cabinet to store her files.
• B)Smith sold a valuable watch to Sarah for only $1.
• C)John tells his neighbour,Eric,that he will give him $30 to show his gratitude for Eric's extraordinary work for Little League.
• D)Mr.N promises to give $50 to the cystic fibrosis society and makes that promise under seal.
• E)Jones agrees to accept $80 as full payment of a $100 debt if Kahn,the debtor,agrees to pay the $80 a week before the due date.

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Definitions:

Bar Graph

A chart that represents categorical data with rectangular bars with lengths proportional to the values they represent.

Frequency Polygon

Variation of a histogram where rather than a series of vertical bars, a line is drawn to connect the midpoint for each of the different measured variables in the distribution.

Central Tendency

A statistical measure that indicates the center or the middle of the distribution.

Extreme Outliers

Data points that are significantly distant from the majority of other points in a dataset, often indicating a deviation from expected norms.