1.

Modern contract law has fewer exceptions to the consideration requirement than classical law did.

Group of answer choices

True

or

False

2.

Agreeing to give up a valid legal claim against another party can be consideration.

Group of answer choices

True

or

False

3.

Matt promised to pay Cameron $5,000 ''in appreciation for his eight years of past employment." Matt later changed his mind and refused to pay Cameron the money. Cameron sues Matt. Who should win?

Group of answer choices:

a. Matt, because Cameron did not act in good faith when he sued Matt.

b. Matt, because the facts reveal neither consideration for his promise nor a basis for promissory estoppel.

c. Cameron, because his eight years of service to Matt is consideration for Matt' s promise.

d. Cameron, because Matt's promise was in writing.

4.

Which of the following statements regarding "legal value'' is false?

Group of answer choices

a. It may be satisfied by an act.

b. It does not require that consideration have monetary value.

c. It cannot be satisfied by the performance of a preexisting debt.

d. It cannot be satisfied by a promise.