An obligation is enforceable only if it is made in return for actions or events that have already taken place.
Correct Answer:
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Q10: An illusory promise is an unenforceable promise.
Q11: Rescission is the remaking of a contract
Q12: To be legally sufficient, consideration must be
Q13: Two parties can mutually agree to rescind
Q14: If a minor disaffirms a contract, he
Q16: A release bars any further recovery beyond
Q17: Contractual capacity includes the financial ability to
Q18: Essentially, adequacy of consideration concerns the fairness
Q19: Performance can constitute the consideration that creates
Q20: Risks ordinarily assumed in business constitute consideration
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