Exam 10: Consideration

Garage sale.Richard,who is cleaning out his garage,offers to sell Dawn a used computer for $200.Dawn replies that "I'll think about it and buy it if I decide to do so." Richard also calls Denise and offers to give Denise a used business law book.She is excited to receive the book and tells him that she will pick it up the next day.Richard also agrees to sell a communications book for $50 to Jill who promises to pick it up the next day.Meanwhile,Sam comes to visit,offers Richard $20 for the business law book and Richard sells it to him.Sam also offers Richard $50 for the used computer.Richard sells it to Sam because he does not expect to hear from Dawn.Sam sees the communications book and offers Richard $60 for it.Richard decides to forget about Jill and proceeds to sell the book to Sam for $60.Denise is very angry because Richard did not save the book for her and claims that he breached a contract because she had accepted his offer.Jill is also angry because Richard sold the communications book and informs him that he breached the contract he had with her.Exactly 31 days later,Dawn tells Richard that she would like the computer.She tells him that her response constituted consideration in that it bound him to an option contract and that he should have awaited her final decision.Richard tells Sam that he needs to return everything for a full refund.Sam refuses.Which of the following is true regarding Jill's claim that by selling the communications book for a higher price,Richard breached the contract he had with her?

Forbearance is not sufficient consideration for a valid and enforceable contract.

Which of the following is true regarding a valid accord and satisfaction?

Which of the following is a correct statement regarding whether an accepted offer to satisfy a debt by paying only part is consideration?

A court will enforce one party's promise only if the other party promised something in exchange.

Promissory estoppel is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract.

Bank Robbery.Victor robbed Safe Bank of a significant sum of cash.Safe Bank offered a reward of $10,000 for anyone who captured or provided information leading to the capture of Victor.Ted,a police officer in town,promised Safe Bank officials that he would apprehend Victor.While on duty,Ted arrested Victor at a hamburger joint in town.He found Victor based upon a hunch he had after Ursula,who dated Victor,told him about various places Victor enjoyed eating.The bank refuses to pay either Ursula or Ted any of the reward money.Which of the following is true regarding the offer of the reward?

In a unilateral contract,the consideration for a promise is ________.

Courtney,who does not keep up with the price of current technology,agrees to buy a used computer from Jake for $2,500.Later,Courtney's friend Brice tells Courtney that she made a terrible deal and that she could get a better,new computer for no more than $1,000.Courtney tells Jake that she is not giving him any money because he has not been fair to her in terms of the computer price.Which of the following is the most likely result if Jake sues Courtney alleging breach of contract?

A promise to do something that you are already obligated to do is not valid consideration.

Consideration is the thoughtfulness,as measured by an objective standard of reasonableness,a person exhibits as he or she carries out contractual obligations.

In a unilateral contract,one party's consideration is a promise and the other party's consideration is an act.

Consideration is what a person will receive in return for ________.

Bank Robbery.Victor robbed Safe Bank of a significant sum of cash.Safe Bank offered a reward of $10,000 for anyone who captured or provided information leading to the capture of Victor.Ted,a police officer in town,promised Safe Bank officials that he would apprehend Victor.While on duty,Ted arrested Victor at a hamburger joint in town.He found Victor based upon a hunch he had after Ursula,who dated Victor,told him about various places Victor enjoyed eating.The bank refuses to pay either Ursula or Ted any of the reward money.In a lawsuit between the bank and Ursula,regarding the reward funds,who is likely to prevail and why?

Which of the following would not be considered an example of consideration?

When would a court consider the adequacy of consideration?

Suppose that Dakiyah promises to pay Fernando $300 for his television.Fernando promises to sell Dakiyah his television for $300.The parties have not documented the transaction in writing.Which of the following is an accurate statement regarding this arrangement?

Which of the following is a valid Uniform Commercial Code (UCC)rule regarding checks marked "paid-in-full"?

For a court to enforce a promise,both parties must give consideration.

Define the terms liquidated debt and unliquidated debt,and discuss when an accord and satisfaction is enforceable.