I EXPECT COMPLETE AND QUALITY ANSWERS. DO NOT COPY AND PASTE A SOLUTION THAT IS ALREADY POSTED BY SOMEONE ELSE ON CHEGG. REFRAIN FROM ANSWERING IF YOU CANNOT FULFILL MY DEMAND, AND LEAVE IT FOR SOMEONE WHO CAN ANSWER IT. DON'T WASTE MY QUESTION AS THEY ARE LIMITED.

please have an explanation for each!!! I will upvote

1. Shirley Baker, age 23, promised to give her friend $75 on her 20th birthday. Is this a binding contract? a. Yes, the promise to pay money to another is legal and binding.

b. Yes, an agreement is always enforceable in law. c. No, a promise is not binding if there is no consideration for it.

d. No, an agreement is void unless there are two competent parties.

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2. Which of the following is NOT a form of consideration? a. Services. b. Something of value c. A promise to refrain from doing something the promisor has a legal right to do. d. All of the above are forms of consideration.

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3. Diana lived beyond her means and in due time was forced to go bankrupt. As a result, all of her debts were extinguished. One of those debts was a loan from her tennis partner. After the bankruptcy she promised her friend that she would pay the debt notwithstanding the bankruptcy. Is this promise binding? a. No because there is no consideration for the promise.

b. Yes because there is consideration for her promise.

c. Yes, this promise is enforceable although no consideration was given in exchange.

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4. What is true about consideration? a. It differentiates a contract from a gift. b. It is an essential element of a contract. c. It is a response to an offer. d.Two of the above. e. All of the above.

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5. On Danny's 21st birthday his friend promised in writing to pay him $2,000 on his 25th birthday if Danny refrained from using illegal drugs until that time. Danny avoided illegal drugs and, when he turned 25, sought payment from the friend. However, the friend refused to pay claiming that Danny gave no consideration. If Danny sues his friend, Danny will: a. win because Danny's promise to refrain from using drugs is consideration for a contract - forbearance. b. lose because all consideration must be money. c. Neither of the above.