Question 1

Courts distinguish between mere gifts between parties and legally binding commitments by the element of consideration.

Accepted Answer

A) True 
 B)False

Question 2

A completed act can be the basis for consideration.

Accepted Answer

A) True 
 B)False

Question 3

If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably

Accepted Answer

A) set aside the agreement as being unfair. 
B) set aside the agreement because the consideration is inadequate. 
C) not set aside the agreement based on the adequacy of the consideration. 
D) not set aside the agreement because of the UCC. 
A) set aside the agreement as being unfair. 
B) set aside the agreement because the consideration is inadequate. 
C) not set aside the agreement based on the adequacy of the consideration. 
D) not set aside the agreement because of the UCC.

Question 4

Police Officer Paul apprehends a wanted criminal and then demands the $10,000 reward offered by Crime Stoppers.Which of the following statements is true?

Accepted Answer

A) Police Officer Paul is not entitled to the reward because past consideration is never valid consideration. 
B) Police Officer Paul is entitled to the reward because he puts his life on the line every day. 
C) Police Officer Paul is not entitled to the reward because he was under a pre-existing duty to make the arrest. 
D) Police Officer Paul is not entitled to the reward but may have an argument under promissory estoppel. 
A) Police Officer Paul is not entitled to the reward because past consideration is never valid consideration. 
B) Police Officer Paul is entitled to the reward because he puts his life on the line every day. 
C) Police Officer Paul is not entitled to the reward because he was under a pre-existing duty to make the arrest. 
D) Police Officer Paul is not entitled to the reward but may have an argument under promissory estoppel.

Question 5

What two exceptions did the UCC create for accord and satisfaction check cases?

Accepted Answer

The first Code exception involves "organ

Exam 13: Consideration

Courts distinguish between mere gifts between parties and legally binding commitments by the element of consideration.

A completed act can be the basis for consideration.

If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably

Police Officer Paul apprehends a wanted criminal and then demands the $10,000 reward offered by Crime Stoppers.Which of the following statements is true?

What two exceptions did the UCC create for accord and satisfaction check cases?

Introduction to Law

Business Ethics and Corporate Social Responsibility

International Law

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Dispute Resolution

Crime

Intentional Torts and Business Torts

Negligence, Strict Liability, and Product Liability

Cyberlaw and Privacy

Introduction to Contracts

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Written Contracts

Third Parties

Performance, Breach and Discharge

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Practical Contracts

Introduction to Sales

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Creating a Negotiable Instrument

Liability for Negotiable Instruments

Accountants' Liability

Agency Law

Employment and Labor Law

Employment Discrimination

Starting a Business: LLCs and Other Options

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