Legal Considerations - Chapter 8 - contracts

Is past performance considered valid consideration for a new promise?

• Yes, it is always considered valid

• No, it is not considered valid

• Yes, but only if the past performance was significant

• No, unless it was part of the original contract

What is the effect of a lack of consideration on a contract?

• The contract is voidable

• The contract is unenforceable

• The contract is valid but requires modification

• The contract is automatically terminated

Which of the following is an example of forbearance as consideration?

• Agreeing to sell a car

• Promising to refrain from suing

• Providing a service

• Making a donation