business law Collin College -Business Law with answers rated A+

business law Collin College -Business Law with answers rated A+consideration - correct answer the inducement to enter into a contract- something of legal value must be exchanged 1. legal sufficiency 2. bargained for exchange legal sufficiency - correct answer promise must give up something of legal value or promisor must receive something of legal value 1. legal detriment 2. legal benefit legal detriment - correct answer doing that which the promise was under no prior legal obligation to do or refraining from doing that which he was previously under no legal obligation to refrain from doing legal benefit - correct answer obtaining by the promisor of that which he had no prior legal right to obtain adequacy - correct answer subject matter that the parties agree to exchange does not need to have the same or equal value; rather, the law will regard consideration as adequate if the parties have freely agreed to the exchange unilateral contracts - correct answer promise is exchanged for a completed act or a forbearance to act offeror makes a promise = promisor offeree receives the promise = promisee bilateral contracts - correct answer parties exchange promises; each party is both a promisee and a promisor