Question: QUESTION 1 A promise to do something that one has no prior legal duty to do is not consideration O True O False QUESTION 2

QUESTION 1 A promise to do something that one has no prior legal duty to do is not consideration O True O False QUESTION 2 The pre-existing duty rule permits a party who is bound by contract to perform a certain duty to use that duty as consideration for a second contract True False QUESTION 3 A contract in which one party reserves the right to cancel at any time is unenforceable False True QUESTION 4 The UCC requires consideration to modify a contract for a sale of goods or services True O Farse QUESTION 5 Inadequate consideration may reflect a lack of bargained for exchange True False

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