In an auction without reserve, the seller must accept the highest bid and cannot withdraw the goods from sale.

Most courts hold that a liquidated debt cannot be compromised without new consideration.

Requirements contracts are not valid contracts as they are illusory.

Seasonal Selections, Inc. enters into a contract with Arthur’s Tree Farm to purchase all of the balsam fir tree boughs that it will need to make Christmas wreaths for the Christmas season. This contract is:

The courts generally inquire into the adequacy of consideration.

An agreement to settle an earlier contract that was in dispute is:

Consideration can best be described as:

Usury laws are concerned with:

The adult party to a contract with a minor has the option of choosing whether to enforce the contract.

Generally speaking, a minor must return goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance.