1. Consideration in an agreement means:
the legal terms used in the contract
the parties' exchange of promises
the competence of the parties
the intent of the contract

2. The party to whom a promise is made in the making of a contract is known as:
guarantor
promisee
underwriter
promisor

3. Consideration required in an enforceable contract can take any of the following forms except:
gratuitous promises
exchange of promises
forbearance
pledges or subscriptions.