QUESTION 6

1. Consideration is optional in every unilateral contract.

   True

   False

1 points

QUESTION 7

1. A promise to do something that you are already obligated to do is ________.

   	a.	illusory consideration
   	b.	valid consideration only in the employment context
   	c.	past consideration
   	d.	a preexisting duty
   	e.	promissory estoppel

1 points

QUESTION 8

1. To be valid, consideration must ________.

   	a.	be the product of a bargained-for exchange.
   	b.	be part of an equal exchange.
   	c.	involve performance in exchange for a promise.
   	d.	involve a mutual exchange of promises.
   	e.	be money or a good.

1 points

QUESTION 9

1. When do many states agree that a contract can be revived after the Statute of Limitations has run?

   	a.	If debtor orally acknowledges the debt.
   	b.	If the debtor enters into a new contract.
   	c.	If the debtor declares bankruptcy.
   	d.	If the debtor offers a different performance.
   	e.	If the debtor makes a partial payment after the statute has run.

1 points

QUESTION 10

1. A detriment to a promisor (or promisee) is a type of consideration.

   True

   False