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

question 15

Multiple Choice

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

• A) The amount of consideration to be paid in a contract must be reasonable (that is, fair) from the point of view of each party.
• B) Without consideration or a seal, there can be no contract.
• C) Consideration must have some value but need not be specific.
• D) 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.
• E) Consideration need not be specific, just so both parties got something out of the deal.

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Definitions:

Problem Solving

The process of working through details of an issue to reach a solution, involving critical thinking and creativity to overcome obstacles.

Therapeutic Response

The positive change in health status following a treatment regimen.

Uncontrollably Laughing

A condition where an individual experiences sudden and involuntary episodes of laughter, which may not be connected to a traditional sense of humor or context.

Spontaneous Movement

Unplanned, involuntary, or natural movement occurring without conscious effort.