4. Consideration becomes a valid element of a contract when: A) an offeree pays cash for the offeror's promise to perform an act. B) the offeror pays cash for the offeree's promise to perform an act. C) each party exchanges something of value or benefit. D) the contract is given careful consideration before it is entered into. E) what is exchanged by the parties is of equal value. 5. A gratuitous promise differs from a contract because A) a gratuitous promise cannot lapse. B) the terms of a gratuitous promise are not precise enough to be legally binding. C) a gratuitous promise does not require the payment of money to the offeror by the offeree. D) consideration in a gratuitous promise is given by only one party. E) a gratuitous promise cannot be revoked