4 Written Questions

1. Token consideration, which bears no relation to the real value of the contract.
2. Act that has already been performed and thus cannot be consideration for a promise in the present.
3. Person to whom a promise is made.
4. What a person demands and generally must receive in order to make her or his promise legally binding.

4 Multiple Choice Questions

1. Agreement by all creditors to accept something less than the total amount of their claims in full satisfaction of a debtor's obligations.
   1. consideration
   2. nominal consideration
   3. past consideration
   4. composition with creditors
2. Refraining from doing what one has a right to do.
   1. Promisee
   2. legal value
   3. forbearance
   4. donor
3. Contractual situation in which a seller agrees to supply all the needs of a particular buyer.
   1. Promisor
   2. consideration
   3. forbearance
   4. Requirements contract
4. Specifies a time limit for bringing a lawsuit.
   1. statute of limitations
   2. nominal consideration
   3. past consideration
   4. consideration

4 True/False Questions

1. Promisor → Person who makes a promise.

   True        False

2. donor → Voluntary transfer of ownership of property without consideration.

   True        False

3. legal value → Refraining from doing what one has a right to do.

   True        False

4. gift → The person giving the gift

   True        False