Which of the Following Statements Is TRUE

Multiple Choice

Which of the following statements is TRUE?

A) Under the doctrine of consideration, a contract exists only if both parties receive some type of benefit.
B) The "peppercorn theory" demonstrates that consideration must be sufficient, but it does not have to be adequate.
C) The "peppercorn theory" demonstrates that consideration must be adequate, but it does not have to be sufficient.
D) The decision in Gilbert Steel Ltd v University Construction Ltd stands for the proposition that a person cannot give good consideration for a new contract by promising to perform a pre-existing obligation that is owed to a third party.
E) The phrase "quantum meruit" (which means "you get what you deserve") is used in a case of promissory estoppel to explain that equity will not provide assistance to a person who acted inequitably.