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:

Market Equilibrium

The condition in a market where the quantity supplied equals the quantity demanded, resulting in no surplus or shortage and stable prices.

Quantity Sunglasses

The total number of sunglasses that buyers are willing to purchase at a given price.

Supply Sugar

Refers to the total amount of sugar that producers are willing and able to sell at a given set of prices, over a specific period of time.

Price Sugar

The cost or value assigned to sugar, influenced by factors such as market demand, production costs, and supply levels.