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Past Consideration in Contract Law: Definition & Cases

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following statements is true?

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1. Which of the following best describes promissory estoppel?

2. Contracts can be either:

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help gauge your understanding of past considerations in contract law. Topics you will need to know in order to pass the quiz include bilateral and unilateral contracts.

Quiz & Worksheet Goals

Use these tools to assess your knowledge of the following:

  • Consideration in contract formation
  • Promissory estoppel
  • Characteristics of contracts
  • The most famous case involving past consideration

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related business law lesson
  • Critical thinking - apply relevant concepts to examine information about contract law in a different light
  • Knowledge application - use your knowledge to identify what is considered the most famous case to involve past consideration in contract law

Additional Learning

To learn more, review the lesson Past Consideration in Contract Law: Definition & Cases, which covers the following objectives:

  • Define nominal
  • Differentiate between bilateral and unilateral contracts
  • Understand the theory of promissory estoppel
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