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Chapter 10 Assessment Answers
Matching Key Terms
1. b 6. i
2. f 7. g
True/False Quiz
11. T 19. T
12. T 20. F
Discussion Questions
27. The three characteristics of valid consideration are (1) legality of consideration, (2) adequacy of
28. In the past, the courts generally made no attempt to judge the adequacy of consideration until
31. In an attempt to level the playing field, many consumer protection statutes have been enacted to
Thinking Critically About the Law
32. Consideration based on a promise for a promise facilitates the execution of a contract because it
34. Most commercial activity is based on the expectation of future actions. While possibly difficult
36. Many contracts that people sign may be legally binding. However, if formulated on the basis of
Case Questions
37a. N
38a. N
39a. N
Case Analysis
40. Principle of law: The courts normally do not attempt to rule on the adequacy of consideration,
41. Principle of law: Consideration is the exchange of promises.
42. Principle of law: Consideration was represented by the exchange of promises.
43. Principle of law: Pledges and subscriptions are considered legally acceptable consideration.
