Back to quiz

6. What is the 'satisfaction'?

  • The consideration which makes the new agreement operative
  • The agreement between the parties that one shall be released from his obligation

7. A promise to release someone from payment of all or part of a debt is not enforceable when it is made for nothing

  • True
  • False

8. Which case illustrates this point?

  • D & C Builders -v- Rees
  • Bolton -v- Mahadeva
  • Bettini -v- Gye
  • Planche -v- Colburn

9. A party can choose to "waive" his contractual rights in enforcing the contract

  • True
  • False

10. In such a case, will consideration be required?

  • No, the party's promise not to enforce his legal rights is sufficient "consideration"
  • Yes, this is an agreement which is made and is still subject to requirements for forming a valid contract