4 Written Questions
4 Multiple Choice Questions
- Act that has already been performed and thus cannot be consideration for a promise in the present.
- What a person demands and generally must receive in order to make her or his promise legally binding.
- Contractual situation in which a seller agrees to supply all the needs of a particular buyer.
- Change in the legal position of a party as a result of the contract.
4 True/False Questions
forbearance → Refraining from doing what one has a right to do.
Promisee → Person who makes a promise.
composition with creditors → Token consideration, which bears no relation to the real value of the contract.
gift → The person giving the gift