Ch 8 Business Law: Consideration

Ch 8 Business Law: Consideration

10th - 12th Grade

30 Qs

quiz-placeholder

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Ch 8 Business Law: Consideration

Ch 8 Business Law: Consideration

Assessment

Quiz

Other

10th - 12th Grade

Medium

Used 62+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The transfer of ownership without receiving anything in return is called a gift.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consideration can be given by confering the benefit or by incurring a detriment.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consideration never consists of a change in a party's legal position as a result of the contract.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To promise to do something that you are already obligated to do by law cannot serve as consideration.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There are no exceptions to the general rule that mutual consideration is necessary for a valid contract.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statute of limitations specifies a time limit for consideration

TRUE

FALSE

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