Which of the Following Is Correct with Regard to Consideration

question 72

Multiple Choice

Which of the following is correct with regard to consideration?

• A)In a unilateral contract, a promise is exchanged for an act or forbearance to act.
• B)In a bilateral contract, there is an exchange of promises.
• C)Legal sufficiency is always related to adequacy of consideration.
• D)Two of the above, (a) and (b) are correct.

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Definitions:

Dispute Resolution

The process of resolving disputes between parties through various methods, such as mediation, arbitration, or litigation.

Export Operations

Activities involved in sending goods or services to another country for sale.

Tariff Classification

A system used by customs to categorize goods being imported or exported to determine duties and taxes.

Sight Draft

A financial document demanding immediate payment upon presentation to the drawee.