Answer TRUE or FALSE. 1. A gift can never be consideration for a contract. 2. To be

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Answer TRUE or FALSE.

1. A gift can never be consideration for a contract.
2. To be valid, the consideration to support a contract must be legally sufficient.
3. Under certain circumstances, a preexisting duty may still be consideration for a new contract.
4. Caveat emptor means let the seller beware.
5. Promissory estoppel is a contractual remedy.

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