A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False
A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration.
True
False
2. Mary threatens Doug with a $50,000 civil lawsuit unless Doug agrees to a settlement of their dispute. Doug argees to a settlement of $25,000. Doug can rescind the settlement agreement because he was under duress at the time.
True
False
3. "In consideration for you having helped me when I was unconscious, I will give you $100.00." This is a binding promise because there is legally sufficient consideration.
True
False
4. A minor's right to disaffirm a contract must be exercised while he is still a minor.
True
False
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