A steel company may buy all of the production of a nearby coal mining company.

A pen manufacturer may agree to supply all the pens needed for open house bags. This would be:

A police officer who apprehends an escaped convict cannot collect a reward due to his:

A payment offered in full settlement by the debtor and accepted by a creditor is known as:

When parties cannot state the amount precisely or do not want the public to know.

Which of the following can arise from two detriments?

A court would hold an unconscionable contract to be:

What parties give and get as consideration need not be of equal economic value is known as:

What each party exchanges must have ______________ value.

If a contract creates a duty, it can be the basis of consideration in a different contract.

Debts discharged in bankruptcy can still be reaffirmed by the debtor.

In many states, the term of the statute of repose is 12 years.

An act that has already been preformed can served as consideration for a later promise.

To be consideration, a promise must be binding.

What two parties give and get as consideration must be of equal economic value.

Legal value cannot be found in the exchange of a benefit for a detriment.

Consideration must be mutual.

Forbearance is the promise to not do something.

A gift is a transfer of ownership without receiving anything in return.