A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration.  True  False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. 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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