Which of the Following Statements Is Correct with Respect to the Law

question 81

Multiple Choice

Which of the following statements is correct with respect to the law of consideration?

• A)Consideration must have some value but need not be specific.
• B)For a contract to be binding,something valuable must have changed hands.This consideration may have been paid before the agreement (past consideration)or at the time of the agreement (present consideration),but future consideration is no consideration.
• C)Without consideration or a seal,there can be no contract.
• D)The amount of consideration to be paid in a contract must be reasonable (that is,fair)from the point of view of each party.
• E)Consideration need not be specific,but both parties must get something out of the deal.

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Definitions:

Typology

A classification system that organizes concepts, objects, or phenomena into distinct types or categories based on common characteristics.

Nomination

The act of officially suggesting someone for a job, position, or award.

Hawthorne Effect

The alteration of behavior by subjects of a study due to their awareness of being observed.

Situational Risk

The risk of harm or danger arising from specific circumstances or conditions of a particular situation.