Which of the Following Statements Is Correct with Respect to the Law

question 81

Multiple Choice

Which of the following statements is correct with respect to the law of consideration?

• A)Consideration must have some value but need not be specific.
• B)For a contract to be binding,something valuable must have changed hands.This consideration may have been paid before the agreement (past consideration)or at the time of the agreement (present consideration),but future consideration is no consideration.
• C)Without consideration or a seal,there can be no contract.
• D)The amount of consideration to be paid in a contract must be reasonable (that is,fair)from the point of view of each party.
• E)Consideration need not be specific,but both parties must get something out of the deal.

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Definitions:

Corporate Chain

A series of related businesses owned by the same company or managed under a single corporate structure, often sharing branding and operational systems.

Independent Retailer

A retail establishment owned and operated by an individual or group, not part of a larger chain of stores.

Quality Personal Service

High-caliber, individualized attention or services provided to customers, ensuring their needs and expectations are met with a personal touch.

Corporate Chains

networks of retail or service outlets operated by a single company, offering the same brand and format across locations.