With Regard Only to the Requirement of Consideration, Which One

question 13

Multiple Choice

With regard only to the requirement of consideration, which one of the following would be a binding contract?

• A) A promise to give $10 exchanged for a promise to give a can of pop
• B) A promise by Mr. Brent to pay $25 to John who found and returned Brent's wallet, which Brent didn't even know he had lost until John delivered it
• C) An agreement between a contractor and a homeowner that the owner would pay an additional $1,000 if the contractor would complete the existing contract according to all its terms
• D) A promise by Tom to drive a co-worker to Timmins, Ontario
• E) A written promise, but not under seal, to give John $50 on Saturday

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Definitions:

Intestacy Laws

The body of law that governs the distribution of a deceased person's estate when they die without a valid will.

Estate

The collective assets and liabilities of a person, especially considered in the context of their will or the administration of their property after death.

Codicil

A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.

Per Capita

A statistical measure that divides an aggregate amount by the number of units or individuals to determine the average amount per person.