Question 1

____________________ is a promise made for an act that has already occurred.

Accepted Answer

The answer of ____________________ is a promise made for an...

Question 2

Can a debtor be held liable for any of her debts that have been outlawed by the statute of limitations?

Accepted Answer

While there is no legal obligation to pa

Question 3

Forbearance is a promise to do something you are not legally required to do.

Accepted Answer

A) True 
 B)False

Question 4

Promises to make charitable subscriptions

Accepted Answer

A)  are exempted from the necessity of consideration. 
B)  are not legally enforceable. 
C)  are based on promissory estoppel. 
D)  may not be valid unless large sums of money are involved. 
A)  are exempted from the necessity of consideration. 
B)  are not legally enforceable. 
C)  are based on promissory estoppel. 
D)  may not be valid unless large sums of money are involved.

Question 5

To be legally enforceable as a contract, the courts require that each party to an agreement give up something of value called

Accepted Answer

A)  witnesses. 
B)  a written document. 
C)  consideration. 
D)  none of these. 
A)  witnesses. 
B)  a written document. 
C)  consideration. 
D)  none of these.

Question 6

In which of the following situations would the courts enforce an oral agreement to pay extra compensation?

Accepted Answer

A)  A builder promises to complete a contract on the date previously agreed upon if he is given extra compensation. 
B)  A police officer promises a neighborhood deli owner that, for a fee, he will keep a sharp lookout for burglars on the nights that he is on duty. 
C)  An accountant promises to complete an audit sixty days ahead of time if she is given extra compensation. 
D)  In no case will the courts allow the payment of extra compensation when the request is based on an oral contract. 
A)  A builder promises to complete a contract on the date previously agreed upon if he is given extra compensation. 
B)  A police officer promises a neighborhood deli owner that, for a fee, he will keep a sharp lookout for burglars on the nights that he is on duty. 
C)  An accountant promises to complete an audit sixty days ahead of time if she is given extra compensation. 
D)  In no case will the courts allow the payment of extra compensation when the request is based on an oral contract.

Question 7

Morton owed Dowd $1,000. The debt was due on May 1. The debt would not be discharged if

Accepted Answer

A)  on the due date, Dowd agreed to accept $500 and a watch valued at $150 in full settlement of the debt. 
B)  Dowd insisted the debt was $1,000, but Morton claimed it was $500, and they compromised on $650 in full settlement. 
C)  on April 15, Dowd agreed to accept $500 in full settlement. 
D)  on July 1, Dowd orally agreed to accept $500 in full settlement of the $1,000 debt. 
A)  on the due date, Dowd agreed to accept $500 and a watch valued at $150 in full settlement of the debt. 
B)  Dowd insisted the debt was $1,000, but Morton claimed it was $500, and they compromised on $650 in full settlement. 
C)  on April 15, Dowd agreed to accept $500 in full settlement. 
D)  on July 1, Dowd orally agreed to accept $500 in full settlement of the $1,000 debt.

Question 8

Courts never question the adequacy of consideration.

Accepted Answer

A) True 
 B)False

Question 9

While Holt was out of town, Wills took care of Holt's garden. When Holt returned, she promised to pay Wills $75. Is Holt's promise enforceable? Explain.

Accepted Answer

No. Holt's promise to pay Will

Question 10

A promise to pay a reward to a police officer for capturing a criminal is not legally enforceable.

Accepted Answer

A) True 
 B)False

Exam 8: Consideration

____________________ is a promise made for an act that has already occurred.

Can a debtor be held liable for any of her debts that have been outlawed by the statute of limitations?

Forbearance is a promise to do something you are not legally required to do.

Promises to make charitable subscriptions

To be legally enforceable as a contract, the courts require that each party to an agreement give up something of value called

In which of the following situations would the courts enforce an oral agreement to pay extra compensation?

Morton owed Dowd $1,000. The debt was due on May 1. The debt would not be discharged if

Courts never question the adequacy of consideration.

While Holt was out of town, Wills took care of Holt's garden. When Holt returned, she promised to pay Wills $75. Is Holt's promise enforceable? Explain.

A promise to pay a reward to a police officer for capturing a criminal is not legally enforceable.

Foundations of Law and the Role of Ethics in Business

The Legal System in the United States and Its Constitutional Foundation

Personal, Business, and Cyber Crimes and the American Criminal Justice System

Tort Law: Traditional Torts and Cyber Torts

Litigation and Alternatives for Settling Civil Disputes

Contract Law: a Beginning

Agreement: Offer and Acceptance

Capacity

Legality

Memorialize Contracts in Writingstatute of Frauds

Transfer of Contract Rights and Duties

The Termination of Contracts: Discharge

The Termination of Contracts: Breach of Contract

Formation of Sales and Lease Contracts

The Sales Contract: Transfer of Title and Risk of Loss

The Sales Contract: Performance, Breach, and Remedies for Breach

Product Liability Law

Nature and Types of Negotiable Instruments

Issue, Transfer, Indorsement, and Discharge of Negotiable Instruments

Rights and Duties of Parties

Checks and the Banking System in the Twenty-First Century

Employer-Employee Relationship

Principal-Agent Relationship

Principal-Agent, Employer-Employee, and Third-Party Relationships

Sole Proprietorships, Partnerships, and Limited Liability Organizations

Corporations and Franchising

Government Regulation of Business

Basic Legal Concepts of Property

Renting Real Property

Buying and Selling Real Property

Nature and Types of Bailments

Wills, Intestacy, and Estate Planning

Protecting the Consumer and the Taxpayer

Protecting the Borrower

Protecting the Creditor

Property, Casualty and Automobile Insurance

Personal Insurance

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