A promise to do (or not do) something in the future counts as consideration: (A) TRUE
What is consideration?
- Consideration is an English common law term that is required for simple contracts but not for special contracts (contracts by deed).
- Other common law jurisdictions have adopted the principle.
- Consideration is the concept of value offered and received by individuals or organizations entering into contracts.
- Consideration is a commitment to do (or not do) something in the future.
- Consideration can be anything of value promised by one party to the other when making a contract.
- For example, if A forms a contract to buy a car from B for $5,000, A's consideration is $5,000, while B's consideration is the car.
Therefore, the statement "a promise to do (or not do) something in the future counts as a consideration" is (A) TRUE.
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