Which of the following is true of an illegal consideration?
A) Contract requires that either both parties suffer legal detriment.
B) Contract requires that the promisor receives a legal benefit.
C) Contract requires that the promisee suffer a legal detriment.
D) Contracts based on illegal consideration are void.
D
You might also like to view...
How do norms contribute to and shape organizational culture?
What will be an ideal response?
The balance in Discount on Bonds Payable
a. would be added to the related Bonds Payable to determine the carrying amount of the bonds. b. should be allocated to the remaining periods for the life of the bonds by the straight-line method, if the results obtained by that method materially differ from the results that would be obtained by the interest method. c. should be reported on the balance sheet as an asset because it has a debit balance. d. would be subtracted from the related Bonds Payable on the balance sheet.
Bernice is withdrawing from a partnership in a state that adopted the UPA. How can she protect herself against liability on contracts the firm enters after her withdrawal?
Naomi tells Ogden, who has no knowledge of Shakespearean comedy, that she will tutor him in the subject for $50. As an offer, this is
a. effective. b. not effective because comedy is not a serious subject. c. not effective because Naomi's tutoring will be subjective. d. not effective because Ogden has no knowledge of the subject.