When Written Documents Are Signed by a Party That Makes

question 1

Multiple Choice

When written documents are signed by a party that makes an unconditional promise to pay the holder of the instrument a specific sum of money on demand,or at a certain time,they are called?

• A)Formal contracts
• B)Recognizances
• C)Simple contracts
• D)Informal contracts
• E)Negotiable instruments

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Definitions:

Additional Consideration

Extra compensation or benefit that is promised to be given in a contract, in addition to what was originally agreed.

Modified Agreement

A change or revision to the terms of an existing contract, which must be agreed upon by all parties involved.

Substitute Contract

A legal agreement that replaces a previous contract, often due to modified terms or conditions.

Pre-existing Duty

A legal concept where a party's promise to perform a duty that is already owed under the law or under a pre-existing contract is not considered sufficient consideration for a new contract.