Which Statement Is True Regarding Illusory Promises

question 59

Multiple Choice

Which statement is true regarding illusory promises?

• A)Illusory promises are not consideration.
• B)Illusory promises qualify as consideration only when promissory estoppel is at issue.
• C)Illusory promises qualify as consideration only when past consideration is at issue.
• D)Illusory promises are consideration.
• E)Illusory promises are consideration only when a sale of goods is involved.

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Definitions:

Purchase Funds

Money allocated or spent for acquiring goods, services, or assets.

Compounded Quarterly

Refers to the process of applying interest to an initial amount and any accumulated interest every three months.

Retirement Income

The total amount of money received from various sources during retirement, including pensions, savings, investments, and social security benefits.

Retirement Funds

Financial assets set aside to support individuals financially when they cease working, typically in the form of pensions or savings plans.