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

question 160

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 get something out of the deal.

---

Definitions:

Reward Outcomes

The benefits or compensations received as a result of completing a task or achieving a goal, which can be intrinsic (personal satisfaction) or extrinsic (material incentives).

Goal Setting

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives that guide an individual's or organization's focus and direction.

Supervisor Sets

Supervisor sets refer to the specific guidelines or expectations set by supervisors for their subordinates to follow in an organizational context.

Employee's Abilities

Refers to the skills, knowledge, and competencies that an individual possesses, which enable them to perform tasks effectively in a workplace.