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Multiple Choice Quiz
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1
A gift is an example of a legal consideration.
A)True
B)False
2
A voidable obligation is a duty imposed under a contract that may be approved or rejected at the option of one or both of the parties.
A)True
B)False
3
An exchange based on love and affection that has no legal value is known as good consideration.
A)True
B)False
4
Moral obligation is not a preexisting duty exception.
A)True
B)False
5
Consideration that has an objectively recognizable benefit is said to have no legal value.
A)True
B)False
6
The exchange that bestows value upon the other party in a contract is called:
A)consideration.
B)benefit conferred.
C)moral obligation.
D)illusory promise.
7
Gifts and moral obligations are not valid consideration because they lack mutuality of:
A)obligation.
B)legal value.
C)unforeseen circumstances.
D)consideration.
8
A court must be able to objectively recognize a benefit in order to determine:
A)condition.
B)consideration.
C)obligation.
D)legal value.
9
A detriment incurred and valid consideration are elements of a:
A)benefit conferred.
B)guarantee.
C)forbearance of a legal right.
D)pledge to charity.
10
A social goal or personal aspiration that induces a party to act without any expectation of a return performance from the recipient:
A)is known as a moral obligation and is valid consideration.
B)is known as a voidable obligation and is not valid consideration.
C)is known as a moral obligation and is not valid consideration.
D)is known as a voidable obligation and is valid consideration.





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