True/False
Indicate whether the
statement is true or false.
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1.
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Consideration is the bargain aspect of the
contract.
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2.
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An offer may always be revoked by the offeror
before acceptance by the offeree.
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3.
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Lapse of time can act to terminate an
offer.
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4.
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A rejection is only effective on receipt by the
offeror.
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5.
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Moral consideration may be legally sufficient to
create a contract.
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6.
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Promissory estoppel is an example of contractual
consideration.
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7.
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The monetary value of the consideration is
determinative of its legal value.
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8.
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Guarantees require no separate
consideration.
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Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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9.
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Caveat Venditor means
a. | Violating statutory law | c. | Let the buyer beware | b. | Violating common
law | d. | Let the seller beware |
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10.
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An example of valid consideration is
a. | Past gifts | c. | Property of nominal value | b. | Moral obligations | d. | None of the
above |
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11.
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The bargain element of a contract is
a. | The price | c. | The
consideration | b. | The
offer | d. | The intent |
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12.
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To be deemed sufficient, the consideration of a
contract must
a. | Have monetary value | c. | Have legal value | b. | Be
fair | d. | Be a moral obligation |
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