Quentin Questions Whether There Is Consideration for His Contract with Rainey

question 21

Multiple Choice

Quentin questions whether there is consideration for his contract with Rainey to exchange his performance with the Symphonic Saxophone Sextet for her payment of a certain amount.To constitute consideration,there must be

• A)a payment.
• B)a performance.
• C)a bargained-for exchange.
• D)serious thought underlying each party's intent to contract.

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Definitions:

Winding Up

The process of dissolving a business by disposing of its assets, paying off creditors, and distributing any remaining assets to shareholders or owners.

Chartered Bank

A financial institution that has been established and operates under a charter granted by the government, offering a range of banking services.

Partnership

A form of business legally organized by multiple individuals who participate in managing the enterprise and dividing its earnings.

Bank of Nova Scotia

A multinational Canadian banking and financial services company also known as Scotiabank.