Why does an illusory contract lack consideration

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Reference no: EM132308329

1. Why does an illusory contract lack consideration?

A. because the consideration promised is unlawful and therefore void

B. because the person promises to perform an act or do something he is already under an obligation to do

C. because one or both parties can choose not to perform their contractual obligations

D. because the compensation paid is for work done in the past

2. Which of the following is true for applying promissory estoppels to a contract?

A. Both parties must suffer legal detriment.

B. Injustice would be caused if the promise were not enforced.

C. They can be applied for illusory promise contracts.

D. They can be applied for gift promise contracts.

3. The mirror image rule states that _____.

A. the offeree’s counteroffer should match the value of the offeror’s offer

B. the offeree is allowed to modify the terms of the offer

C. the offeror can modify the terms of the offer even after the offeree has accepted it

D. the offeree must accept the terms as stated in the offer

4. When an industry relies heavily on government contracts, which forecasts can be the most important part of an external audit?

A. Aeconomic

B. political

C. technological

D. competitive

E. multinational

5. For each of the electoral systems listed below, please list two countries that have adopted these systems with explanation.(6 marks)

a) Plurality system b) Majority system c) Proportional representation

Reference no: EM132308329

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