Past Consideration Is an Adequate Consideration to Support a Promise

question 65

True/False

Past consideration is an adequate consideration to support a promise, therefore, it can create a contract.

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Definitions:

Denominated

Specified or expressed in a particular currency or unit of measure.

Foreign Lender

A lender based in a different country from the borrower, often involved in international financing and loans.

Foreign Exchange

The trading of currencies against one another in the forex market or the conversion rate from one currency to another.