Exam 6: Formation of a Contract: Consideration, and Intention to Create Legal Relations

The amount that a person merits to be paid for goods and services provided to the person requesting them is called

The contractual requirement of consideration provides that

Jack is trying to start his car in the winter and the car will not start. In frustration, Jack yells to a passer by "I'll sell you this piece of junk for $10." The passer by says, "great, I'll take it." Which of the following is true?

Consideration is an essential element in the formation of contract

What is the effect of sealing a contractual document?

Which of the following is NOT true about consideration?

The concept of estoppel is

Jack and Jill are friends. Jack agrees to do mow Jill's lawn and Jill agrees to pay $50.00. Jill wants the lawn mowed by April 1, 2002. Jill returns on April 3, 2002 and finds that the lawn has not been mowed. Jill, who is entertaining the next day, goes to Jack and promises that if he mows the lawn that day, she will give him an additional $20.00. Jack mows the lawn but Jill refuses to pay him the additional $20.00. Which of the following is true?

Gratuitous promises are made without consideration.

Quantum meruit refers to compensation for breach of contract.

A gratuitous promise differs from a contract in that

Promissory estoppel can only be used as a defence.

Even when offer and acceptance and consideration are present, there may be no enforceable contract if

Where there is an implied promise to pay for what services rendered are reasonably worth, it is referred to as

Jack walks into a bar, he is a little tipsy. The waitress pours him a pint of beer and he pays with all the money he has on him. He makes this statement to the waitress. "Sorry I can't tip you today, but you know what, I have this lottery ticket and if I win, I split it with you." The waitress says, No problem, Jack." Jack later makes a copy of the ticket for the waitress. The next day Jack receives a call from Stephanie the waitress who tells him that she checked the numbers and that he has won $1 million. Stephanie asks, "our deal is on right?" Jack says, "what deal?" She says, "you promised to split the winning ticket with me." He says, "really?" Which of the following is true?

Promissory estoppel can be used as the basis for a law suit.

Nan promises not to sue Reg if he agrees to pay her $1000. Reg agrees to pay Nan $1000, but later discovers that she actually had no right to sue him. Is Reg bound to pay Nan?

Estoppel is a rule that prevents a person from disputing or retracting a statement or promise made earlier.

A promise by a creditor to accept less than full payment from a debtor is

"I will pay you $100 if you smile", is