1. Refraining for using profanity in exchange for a paid trip to Europe is a form of consideration

True

False

2. The following forms a valid contract: "Loan me $10 and I will pay you back"

True

False

3. The following is a valid contract: "I did this for you, now you owe me."

True

False

4. Many contracts contain Arbitration Clauses because:

A. Both a and b.

B. arbitration is a cheaper way to resolve disputes compared to the traditional court system.

C. arbitration is a faster way to resolve disputes compared to the traditional court system.