Question 1

Services cannot be used for consideration.

Accepted Answer

A) True 
 B)False  False

Question 2

For consideration to exist the value must be which of the following?

Accepted Answer

A) Legal 
B) Illusory 
C) Preexisting 
D) Substantial 
A) Legal 
B) Illusory 
C) Preexisting 
D) Substantial A

Question 3

When consideration is in dispute an accord and satisfaction can be executed.

Accepted Answer

A) True 
 B)False  True

Question 4

A past moral obligation is unsupported by consideration, and

Accepted Answer

A) enforceable. 
B) unenforceable. 
C) illegal. 
D) unjust. 
A) enforceable. 
B) unenforceable. 
C) illegal. 
D) unjust.

Question 5

Match between columns
                        Premises: A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. 
A prior responsibility to act or not act on doing something. 
A promise by one party with no exchange of value. 
Tune period in which a lawsuit must be filed. 
Promise that gives the false impression of a contract. 
Services, money, property, or acts of forbearance constituting forms of consideration. 
When a party sacrifices something in a transaction. 
A prior existing promise made for some future act. 
When a party gains something in a transaction. 
A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Accepted Answer

The Answer of illusory promise and legal detriment and Value is...

Question 6

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Accepted Answer

A) True 
 B)False

Question 7

Promissory estoppel focuses on principles of fairness and justice.

Accepted Answer

A) True 
 B)False

Question 8

The time period in which a party must file a lawsuit is

Accepted Answer

A) a cause of action. 
B) an accord. 
C) the statute of limitations. 
D) a compromise. 
A) a cause of action. 
B) an accord. 
C) the statute of limitations. 
D) a compromise.

Question 9

A claim for a specific sum is which of the following?

Accepted Answer

A) Unliquidated 
B) Liquidated 
C) Penal 
D) Unconscionable 
A) Unliquidated 
B) Liquidated 
C) Penal 
D) Unconscionable

Question 10

Consideration is the value paid for the promise.

Accepted Answer

A) True 
 B)False

Question 11

One of the keys to finding promissory estoppel in a contract is

Accepted Answer

A) foreseeability. 
B) reliance. 
C) detriment. 
D) both a and b 
A) foreseeability. 
B) reliance. 
C) detriment. 
D) both a and b

Question 12

Promise of a gift is enforceable as valid consideration.

Accepted Answer

A) True 
 B)False

Question 13

For consideration to exist there must be a legal detriment or legal benefit.

Accepted Answer

A) True 
 B)False

Question 14

When a party has a preexisting duty, there is a bargained for exchange.

Accepted Answer

A) True 
 B)False

Question 15

Consideration may be

Accepted Answer

A) services. 
B) forbearance. 
C) property. 
D) all of the above. 
A) services. 
B) forbearance. 
C) property. 
D) all of the above.

Question 16

The doctrine of promissory estoppel focuses on which of the following?

Accepted Answer

A) Fairness 
B) Justice 
C) All of the above 
D) None of the above 
A) Fairness 
B) Justice 
C) All of the above 
D) None of the above

Question 17

Consideration can only consist of money.

Accepted Answer

A) True 
 B)False

Question 18

A promise that gives a false impression of a contract is

Accepted Answer

A) illusory. 
B) unconscionable. 
C) preexisting duty. 
D) consideration. 
A) illusory. 
B) unconscionable. 
C) preexisting duty. 
D) consideration.

Question 19

A compromise and settlement agreement can also be known as which of the following?

Accepted Answer

A) Accord 
B) Satisfaction 
C) Accord and satisfaction 
D) Compromise 
A) Accord 
B) Satisfaction 
C) Accord and satisfaction 
D) Compromise

Question 20

All contracts must have consideration to be enforceable.

Accepted Answer

A) True 
 B)False

Services cannot be used for consideration.

For consideration to exist the value must be which of the following?

When consideration is in dispute an accord and satisfaction can be executed.

A past moral obligation is unsupported by consideration, and

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Promissory estoppel focuses on principles of fairness and justice.

The time period in which a party must file a lawsuit is

A claim for a specific sum is which of the following?

Consideration is the value paid for the promise.

One of the keys to finding promissory estoppel in a contract is

Promise of a gift is enforceable as valid consideration.

For consideration to exist there must be a legal detriment or legal benefit.

When a party has a preexisting duty, there is a bargained for exchange.

Consideration may be

The doctrine of promissory estoppel focuses on which of the following?

Consideration can only consist of money.

A promise that gives a false impression of a contract is

A compromise and settlement agreement can also be known as which of the following?

All contracts must have consideration to be enforceable.

Contract Law: a General Introduction

Contract Basics: an Overview

Formation of a Contraction: Offer and Acceptance

Mutual Assent of the Parties

Capacity: The Ability to Contract

Legality in Contracts

Proper Form of the Contract: the Writing

Performance and Discharge of the Contract

Remedies in Contract Law

Third Party Contracts

Sales: Article 2 of the Uniform Commercial Code

Performance Under Article 2: Seller and Buyer Duties

Title, Risk of Loss, and Warranties

Seller and Buyer Remedies

Contracts and the Internet: Something Borrowed, Something New

Drafting a Contract: The Essentials

Drafting a Contract: Specific Provisions

Analyzing a Contracts Problem: Putting Theory Into Practice

Filters

Exam 4: Consideration: the Value for the Promise

Services cannot be used for consideration.

For consideration to exist the value must be which of the following?

When consideration is in dispute an accord and satisfaction can be executed.

A past moral obligation is unsupported by consideration, and

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Promissory estoppel focuses on principles of fairness and justice.

The time period in which a party must file a lawsuit is

A claim for a specific sum is which of the following?

Consideration is the value paid for the promise.

One of the keys to finding promissory estoppel in a contract is

Promise of a gift is enforceable as valid consideration.

For consideration to exist there must be a legal detriment or legal benefit.

When a party has a preexisting duty, there is a bargained for exchange.

Consideration may be

The doctrine of promissory estoppel focuses on which of the following?

Consideration can only consist of money.

A promise that gives a false impression of a contract is

A compromise and settlement agreement can also be known as which of the following?

All contracts must have consideration to be enforceable.

Contract Law: a General Introduction

Contract Basics: an Overview

Formation of a Contraction: Offer and Acceptance

Mutual Assent of the Parties

Capacity: The Ability to Contract

Legality in Contracts

Proper Form of the Contract: the Writing

Performance and Discharge of the Contract

Remedies in Contract Law

Third Party Contracts

Sales: Article 2 of the Uniform Commercial Code

Performance Under Article 2: Seller and Buyer Duties

Title, Risk of Loss, and Warranties

Seller and Buyer Remedies

Contracts and the Internet: Something Borrowed, Something New

Drafting a Contract: The Essentials

Drafting a Contract: Specific Provisions

Analyzing a Contracts Problem: Putting Theory Into Practice

Filters