Question 1

An illusory promise is consideration for a return promise.

Group of answer choices

True

False

Question 2

The UCC provides that a contract for the sale of goods cannot be effectively modified without new consideration.

Group of answer choices

True

False

Question 3

In a unilateral contract, a promise is exchanged for an act or forbearance to act.

Group of answer choices

True

False

Question 4

Alice says to Brian, "If I decide to buy a digital camera next year, I will buy it from you." This is an example of:

Group of answer choices

an illusory promise.

past consideration.

the pre-existing duty rule.

good consideration.

Question 5

Bob promises to sell to Candy an automobile for $20,000, for which Candy promises $20,000. A unilateral contract exists.

Group of answer choices

True

False