Mary is 16 years old and promises her mother that she will not smoke cigarettes until she is 18, the age under state law for legally purchasing and possessing tobacco. In exchange, her mother gives her $1,000. There is sufficient consideration for a valid contract. True or False

The statement is: False.

Explanation:

When talking about contracts, the consideration characteristic refers to an amount of money that is going to be provided on exchange for the fulfillment of a promise. That promise involves providing the party making the payment a valuable object in return.

Thus, in the case exposed there is no consideration since the mother is willing to give her 16-year-old daughter $1,000 to avoid using cigarettes but nothing valuable is being provided to the mother for her money.

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thx

answer; dividing net income by 1- t ;