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Parties are not generally free to bargain as they wish.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
Kelsey promises to pay Jon, her son, $15,000 if he obtains his degree at Ivy University, where he is currently in his second year. Jon graduates. Kelsey is
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
An illusory promise is a promise that is enforceable without consideration.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
A promise to pay for an act that has yet to occur is unenforceable.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
A promise by one party to pay another for refraining from an act is enforceable.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
A transaction that lacks a bargained-for exchange lacks an element of consideration.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
A promise to do what one already has a legal duty to do is legally sufficient consideration.
false
false
required to pay, because Jon obtained a degree at Ivy
false
true
true
false
true
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