Indicate whether each of the following statements is true or false by writing T or F in the answer column.
1. Consideration is one of the elements of a contract. 1. ________
2. The courts generally do not rule on the adequacy of consideration. 2. ________
3. A promise of inaction, or forbearance, can be valid consideration. 3. ________
4. Pledges and subscriptions are never legally enforceable because they lack the element of consideration. 4. ________
5. A contract in which consideration is based on a promise that is impossible to fulfill cannot be enforced. 5. ________
6. Preexisting duty refers to existing debts that must be paid. 6. ________
7. An offer to pay for a benefit after it has been received is enforceable. 7. ________
8. An agreement based on an illusory promise is enforceable if the purpose of the agreement is legal. 8. ________
9. A general release allows for the discharge of a debt because it is viewed as forbearance, a form of consideration. 9. ________
10. No contract is enforceable without consideration. 10. ________
11. Courts sometimes enforce a contract that lacks consideration because it is socially beneficial. 11. ________
12. The Uniform Commercial Code states that additional consideration is always required in the modification of an existing contract. 12. ________
13. A contract performed because “it is the right thing to do” is an example of forbearance consideration. 13. ________
14. Past consideration is a promise to repay someone for a benefit after it has been received.
14. ________
15. A promise to do something that one is already required to do either by law or by contract is valid consideration. 15. ________