Introductory Business Law CLEP Prep Practice Exam

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What type of contract does not require an exchange of consideration?

  1. Adhesion Contract

  2. Promissory Estoppel

  3. Unilateral Contract

  4. Bilateral Contract

The correct answer is: Promissory Estoppel

A) An adhesion contract is a type of contract where one party has significantly more power than the other and is able to dictate the terms of the contract. Consideration is still required in an adhesion contract. C) A unilateral contract is a type of contract where one party promises to do something in exchange for a specific action or performance from the other party. Consideration is still required in a unilateral contract, but it is only provided by one side. D) A bilateral contract is a type of contract where both parties make promises to each other. Consideration is required in a bilateral contract, since both parties are exchanging something of value. Option B, promissory estoppel, is the correct answer. Promissory estoppel is a legal doctrine that allows a party to enforce a promise made by another party, even if it was not supported by consideration. This can occur

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