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1.Which of the following statements is true of consideration?
A Past consideration is sufficient to create liability on a bill of exchange
B Suffering some loss or detriment is not valid consideration
C Consideration can be in the form of any act, even if that act is impossible to perform
D Performance of an illegal act is valid consideration
2.Where a party accepts part payment for a debt, they may at a later date request payment of the amount outstanding unless the other party provided extra consideration when making the part payment.
Which TWO of the following are valid extra consideration for part payment of a debt?
(1) Payment in the form of goods rather than cash
(2) Payment by a third party rather than the debtor
(3) An intention by the debtor to be legally bound by the part payment
(4) A guarantee by the debtor to make the payment on the date agreed in the contract
A 1 and 2
B 1 and 4
C 2 and 3
D 2 and 4
