Question 2Set of problems(10 marks)Topic 3

Examine the following five situations and:

• state whether consideration is present from both parties (just write Yes or No; ignore other issues such as Intention) and
• state the rule and the case that best support your decision.

1.Caroline gives Nick $5 for his brand new set of Taylor Made golf clubs, valued at $3,000.

2.Caroline, a police officer, says she will arrest the person who stole Nick's car if he gives her $500.

3.Caroline says that she will give Nick her 1925 Rolls Royce Silver Shadow if he agrees to be nice to her for the next five years.

4.Caroline owes Nick $5,000. Nick agrees to accept $4,500 in full satisfaction of the debt.

Caroline hits Nick with her car. Nick is injured, though he promises not to sue Caroline for damages if she agrees to pay him $5,000