Final answer:
Consideration for a valid contract can include both a promissory note and personal property, such as a boat, as they represent something of value exchanged in a contractual agreement. A promissory note is a written promise to pay money, while personal property can be any item of value. Thus, both can serve as consideration in contract law. Option C is correct.
Step-by-step explanation:
The consideration necessary for a valid contract could be both a promissory note and personal property, such as a boat. Consideration in the context of contract law refers to something of value that is given in exchange for a promise or performance. It is one of the essential elements required for a contract to be legally binding.
A promissory note is an instrument in which one party (the maker) promises in writing to pay a determinate sum of money to the other (the holder), either at a fixed or determinable future time or on demand of the holder, under specific terms. A promissory note can serve as valid consideration if it is used as the bargaining chip in the exchange.
Personal property, such as a boat, can also constitute valid consideration if it is something of value that is exchanged as part of the agreement. Essentially, any item of value, including goods, services, money, or an agreement not to do something, can serve as consideration.
Therefore, the correct answer to the question is C) Both I and II.