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1.Which of the following statements regarding consideration is correct?
A Performance of an existing legal obligation is valid consideration for the promise of additional reward
B Performance of an existing contractual duty is sufficient consideration for the promise of additional reward
C Performance of an existing contractual duty to a third party is sufficient consideration for the promise of additional reward
D Performance of an extra service in addition to an existing contractual duty is not sufficient consideration for the promise of additional reward (2 marks)
2. Which of the following statements concerning privity of contract is correct?
A Privity of contract means only parties to a contract may sue on it
B Privity of contract is not subject to regulation by statute
C There are no exceptions to the rule of privity of contract
D Privity of contract is only enforceable on commercial contracts
