SOLVED

21) Which of the following is true of consideration? A) Consideration is not required in bilateral contracts B) Consideration is required in all contracts C) Consideration is not required in unilateral contracts D) Consideration is valid only if it is part of an equal exchange E) Consideration is never required 22) What is necessary for consideration to be valid? A) Consideration must be part of an equal exchange. B) Consideration must be money C) Consideration must involve performance in exchange for a promise. D) Consideration must involve a mutual exchange of promises E) Consideration must be the product of a bargained for exchange. 23) Sameer promises his uncle, Farouk, that he will study every day and earn straight A’s during the spring semester in exchange for having his tuition paid for the fall semester. Farouk agrees, but after Sameer studies all semester and receives straight A’s, Farouk refuses to pay, saying that no such contract ever existed. Which of the following is true? A) There was no consideration present, but Farouk must pay under principles of promissory estoppels. B) There was no consideration present, and Farouk has no obligation to pay. C) Consideration was present, there was an enforceable contract, and Farouk has wrongfully refused to pay. D) There was consideration present, but Farouk is not required to pay because he did not receive a benefit personally. E) There was consideration present, but Farouk is not required to pay because the contract was illusory. 24) Which of the following is not an example of consideration? A) A promise to stay in a job until a particular project is complete. B) A promise to your football coach to refrain from riding your motorcycle during football season, even though you love riding it. C) A promise to stop staying out late at night during exam week. D) A promise to buy skis for $300 if you like them. E) A promise to cook dinner for your roommate for the next six months. 25) Which of the following is not a type of consideration? A) A detriment to the promisor B) A benefit to the promisee. C) A promise to think about refraining from doing something. D) A promise to do something. E) A promise to refrain from doing something. Â Â