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Consideration

Consideration is a fundamental element of contract law. It refers to the price paid or promised for the performance of an act or the forbearance of an act. This quiz will test your understanding of the concept of consideration.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is NOT an essential element of consideration?

  1. It must be of value.
  2. It must be legal.
  3. It must be in writing.
  4. It must be capable of being performed.
Question 2 Multiple Choice (Single Answer)

What is the difference between a promise and consideration?

  1. A promise is an offer to do something, while consideration is the price paid or promised for the performance of an act.
  2. A promise is a legally enforceable agreement, while consideration is not.
  3. A promise is always in writing, while consideration can be oral or written.
  4. A promise is always unilateral, while consideration is always bilateral.
Question 3 Multiple Choice (Single Answer)

What is the rule regarding past consideration?

  1. Past consideration is valid consideration.
  2. Past consideration is not valid consideration.
  3. Past consideration is valid consideration only if it is in writing.
  4. Past consideration is valid consideration only if it is supported by a moral obligation.
Question 4 Multiple Choice (Single Answer)

What is the rule regarding illusory promises?

  1. Illusory promises are valid consideration.
  2. Illusory promises are not valid consideration.
  3. Illusory promises are valid consideration only if they are in writing.
  4. Illusory promises are valid consideration only if they are supported by a moral obligation.
Question 5 Multiple Choice (Single Answer)

What is the rule regarding moral obligation?

  1. Moral obligation is valid consideration.
  2. Moral obligation is not valid consideration.
  3. Moral obligation is valid consideration only if it is in writing.
  4. Moral obligation is valid consideration only if it is supported by a past consideration.
Question 6 Multiple Choice (Single Answer)

What is the rule regarding liquidated damages?

  1. Liquidated damages are valid consideration.
  2. Liquidated damages are not valid consideration.
  3. Liquidated damages are valid consideration only if they are in writing.
  4. Liquidated damages are valid consideration only if they are supported by a moral obligation.
Question 7 Multiple Choice (Single Answer)

What is the rule regarding penalties?

  1. Penalties are valid consideration.
  2. Penalties are not valid consideration.
  3. Penalties are valid consideration only if they are in writing.
  4. Penalties are valid consideration only if they are supported by a moral obligation.
Question 8 Multiple Choice (Single Answer)

What is the rule regarding impossibility?

  1. Impossibility is a valid defense to a breach of contract action.
  2. Impossibility is not a valid defense to a breach of contract action.
  3. Impossibility is a valid defense to a breach of contract action only if it is in writing.
  4. Impossibility is a valid defense to a breach of contract action only if it is supported by a moral obligation.
Question 9 Multiple Choice (Single Answer)

What is the rule regarding frustration of purpose?

  1. Frustration of purpose is a valid defense to a breach of contract action.
  2. Frustration of purpose is not a valid defense to a breach of contract action.
  3. Frustration of purpose is a valid defense to a breach of contract action only if it is in writing.
  4. Frustration of purpose is a valid defense to a breach of contract action only if it is supported by a moral obligation.
Question 10 Multiple Choice (Single Answer)

What is the rule regarding material breach?

  1. A material breach is a breach of contract that goes to the heart of the contract.
  2. A material breach is a breach of contract that does not go to the heart of the contract.
  3. A material breach is a breach of contract that is in writing.
  4. A material breach is a breach of contract that is supported by a moral obligation.
Question 11 Multiple Choice (Single Answer)

What is the rule regarding anticipatory breach?

  1. An anticipatory breach is a breach of contract that occurs before the time for performance.
  2. An anticipatory breach is a breach of contract that occurs after the time for performance.
  3. An anticipatory breach is a breach of contract that is in writing.
  4. An anticipatory breach is a breach of contract that is supported by a moral obligation.
Question 12 Multiple Choice (Single Answer)

What is the rule regarding substantial performance?

  1. Substantial performance is a defense to a breach of contract action.
  2. Substantial performance is not a defense to a breach of contract action.
  3. Substantial performance is a defense to a breach of contract action only if it is in writing.
  4. Substantial performance is a defense to a breach of contract action only if it is supported by a moral obligation.
Question 13 Multiple Choice (Single Answer)

What is the rule regarding accord and satisfaction?

  1. Accord and satisfaction is a valid defense to a breach of contract action.
  2. Accord and satisfaction is not a valid defense to a breach of contract action.
  3. Accord and satisfaction is a valid defense to a breach of contract action only if it is in writing.
  4. Accord and satisfaction is a valid defense to a breach of contract action only if it is supported by a moral obligation.
Question 14 Multiple Choice (Single Answer)

What is the rule regarding novation?

  1. Novation is a valid defense to a breach of contract action.
  2. Novation is not a valid defense to a breach of contract action.
  3. Novation is a valid defense to a breach of contract action only if it is in writing.
  4. Novation is a valid defense to a breach of contract action only if it is supported by a moral obligation.
Question 15 Multiple Choice (Single Answer)

What is the rule regarding rescission?

  1. Rescission is a valid remedy for breach of contract.
  2. Rescission is not a valid remedy for breach of contract.
  3. Rescission is a valid remedy for breach of contract only if it is in writing.
  4. Rescission is a valid remedy for breach of contract only if it is supported by a moral obligation.
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