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CONTRACT LAW EXAM 2025 QUESTIONS AND ANSWERS contract - ....ANSWER ...-a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration. (Forbearance is a term you'll hear for a promise to NOT do something.) for·bear·ance - ....ANSWER ...-the action of refraining from exercising a legal right, especially enforcing the payment of a debt. Valuable Consideration - ....ANSWER ...-a term used to describe consideration that is deemed sufficient or appropriate for that which is offered in exchange. If the consideration given is not comparable in value to that which is being offered, the agreement could be looked at as a gift rather than a valid contract — or, in some instances, as evidence of bad faith in the negotiation. If a party willingly enters into a valid contract, they are obligated to its terms and the promises and duties it places upon them. - ....ANSWER ...- ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1