Exam 11: Consideration and Promissory Estoppel

Mrs.Potter tells a neighbor child,"Since you have been so good as to mow my lawn this summer without my asking,I am going to give you some money." By fall,she still hadn't paid up.The neighbor child files a breach of contract claim against Mrs.Potter.What will be the result?

(Multiple Choice)

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Question 61

The presumption that contracts are supported by consideration may be overcome by sufficient evidence.

(True/False)

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Question 62

A promise to make a gift that has been completed can be rescinded by the donor if it was not supported by consideration.

(True/False)

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Question 63

For the doctrine of promissory estoppel (detrimental reliance)to apply,there still must be a contract with adequate consideration.

(True/False)

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Question 64

Harry meets his friend,Handy,for a few drinks one Friday afternoon.After a while,the following conversation takes place: Harry: You know I just bought all the lumber to build a deck on the back of my house.The two builders I've talked to want over $1,000 to build it.That's ridiculous! Handy: No kidding! I could do it for less. Harry: Really? Do you know how? How much would you charge? Handy: I pretty much know how right now and could figure out the rest.I don't know how long it would take,so I don't want to give a fixed price.But I'd do it for $10 an hour. Harry: That's OK,so long as it doesn't take over 80 hours.Otherwise,I might as well pay one of those guys I talked to. Handy: OK. Handy builds the deck while Harry is out of town.Harry sees the deck when he returns and is happy until he notices that the support posts are not placed in concrete as they are on most decks.He contacts Handy and they have the following conversation: Harry: Those posts should have been placed in concrete! Handy: Probably,but this will probably be good enough. Harry: Well,I want them in concrete. Handy: I'll redo it if you want me to.It will take another 20 hours. Harry: I don't care! I want it done right. Handy finishes the job and presents Harry with a bill for $900,$750 for the original 75 hours,and $150 for the time spent redoing the job.Harry wants to pay only the $750 but Handy claims he is entitled to the full amount.Discuss the arguments and strengths of each side's case if it should go to court.

(Essay)

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Question 65

Output and requirements contracts are unenforceable because the buyer or seller is not obligated to buy or sell a specific quantity.

(True/False)

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Question 66

An agreement that is lacking consideration:

(Multiple Choice)

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Question 67

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Exam 11: Consideration and Promissory Estoppel

Mrs.Potter tells a neighbor child,"Since you have been so good as to mow my lawn this summer without my asking,I am going to give you some money." By fall,she still hadn't paid up.The neighbor child files a breach of contract claim against Mrs.Potter.What will be the result?

The presumption that contracts are supported by consideration may be overcome by sufficient evidence.

A promise to make a gift that has been completed can be rescinded by the donor if it was not supported by consideration.

For the doctrine of promissory estoppel (detrimental reliance)to apply,there still must be a contract with adequate consideration.

Output and requirements contracts are unenforceable because the buyer or seller is not obligated to buy or sell a specific quantity.

An agreement that is lacking consideration:

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Wills, Trusts, and Elder Law

Family Law

International and World Trade Law

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