Question 1

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 2

Shelby hired Evan to drill a well on her property for $3,000.They both thought the soil and subsoil were normal for the area,but after he started drilling,Evan found a layer of rock that required him to purchase a special drill and required an extra ten hours of work.Evan demanded an extra $1,000 to complete the job.Discuss whether Shelby is liable for the additional $1,000.

Accepted Answer

The general rule is that a promise to do

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

Frank's Furniture Company promised in a written agreement to purchase as much walnut wood "as it desires" from Forestry Products,Inc.If Frank's purchased walnut wood from another source and Forestry Products sued,what is the likely result?

Accepted Answer

Frank's is not obligated to purchase any

Question 5

Consideration can be a promise or an act.

Accepted Answer

A) True 
 B)False

Question 6

Mid-American Oil had a contract with NSB Company to supply 1,000 gallons of oil by September 1.The contract contained a provision which required all modifications to be written and signed by the company presidents.In early August,an executive of Mid-American talked with the purchasing agent of NSB who orally agreed to two shipments of oil;one in September and the second one in December.By September 30,when only 500 gallons had been delivered,NSB sued.The likely outcome of this lawsuit is:

Accepted Answer

A) NSB wins because the modification was not supported by new consideration. 
B) NSB wins because the modification has to be in writing. 
C) Mid-American Oil wins because the UCC governs this case and no new consideration is required. 
D) Mid-American Oil wins because new consideration was present. 
A) NSB wins because the modification was not supported by new consideration. 
B) NSB wins because the modification has to be in writing. 
C) Mid-American Oil wins because the UCC governs this case and no new consideration is required. 
D) Mid-American Oil wins because new consideration was present.

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?

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

Frank's Furniture Company promised in a written agreement to purchase as much walnut wood "as it desires" from Forestry Products,Inc.If Frank's purchased walnut wood from another source and Forestry Products sued,what is the likely result?

Consideration can be a promise or an act.

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Torts and Product Liability

Crime

International Law

Introduction to Contracts

Agreement

Legality

Capacity and Consent

Written Contracts

Third parties

Performance and Discharge

Remedies

practical Contracts

Introduction to Sales

Ownership and Warranties

Performance and Remedies

Negotiable Instruments

Secured Transactions

Bankruptcy

Agency

Employment and Labor Law

Employment and Discrimination

Starting a Business

Corporations

Government Regulations:Securities and Antitrust

Consumer Protection

Cyberlaw

Intellectual Property

Real and Personal Property

Filters

Exam 11: Consideration

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?

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

Frank's Furniture Company promised in a written agreement to purchase as much walnut wood "as it desires" from Forestry Products,Inc.If Frank's purchased walnut wood from another source and Forestry Products sued,what is the likely result?

Consideration can be a promise or an act.

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Torts and Product Liability

Crime

International Law

Introduction to Contracts

Agreement

Legality

Capacity and Consent

Written Contracts

Third parties

Performance and Discharge

Remedies

practical Contracts

Introduction to Sales

Ownership and Warranties

Performance and Remedies

Negotiable Instruments

Secured Transactions

Bankruptcy

Agency

Employment and Labor Law

Employment and Discrimination

Starting a Business

Corporations

Government Regulations:Securities and Antitrust

Consumer Protection

Cyberlaw

Intellectual Property

Real and Personal Property

Filters