The two basic elements of consideration are intention and agreement. True False

Question

The two basic elements of consideration are intention and agreement.

True

False

A promise to do (or not do) something in the future counts as consideration.

True

False

All oral contracts are quasi-contracts until they are completely executed.

True

False

Under the UCC statute of frauds, the writing for a sale of goods must

               a.            be signed by both parties.

               b.            state the price.

               c.            state the quantity.

               d.            be notarized.

Explanation / Answer

Answer :

The two basic elements of consideration are intention and agreement.

False

A promise to do (or not do) something in the future counts as consideration.

False

All oral contracts are quasi-contracts until they are completely executed

False

Under the UCC statute of frauds, the writing for a sale of goods must

               a.            be signed by both parties.

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