SQE Questions and Answers

Bicycle as a gift | SQE1 – SQE2 Questions and Answers Examples

Bicycle as a gift

A man is given a bicycle as a gift. He later agrees to sell the bicycle for £25 to a woman but no payment has yet been made. He subsequently discovers that the bicycle is worth £390. He informs the woman that he no longer wishes to sell the bicycle because he was mistaken about its value.

What advice would you give the woman?

Answers:

A. There is a contract because there is executed consideration.

B. There is a contract because sufficient consideration has been promised.

C. There is no contract because the consideration is insufficient.

D. There is no contract because adequate consideration has not been promised.

E. There is no contract because the consideration promised is only executory.

 

Correct answer:

B. There is a contract because sufficient consideration has been promised.

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