Exam 11: Consideration and Promissory Estoppel

Corey in a desperate need to get to the airport decides to take his neighbor Tanner's help.Tanner agrees to help and drives Corey to the airport.Upon arrival at the airport,Corey promises to pay Tanner $25 for the gas fill.Corey's promise falls under which of the following contracts?

Promissory estoppels can be invoked for cases that include consideration.

A requirements contract is unenforceable due to lack of consideration.

Preexisting duty promise is unenforceable because of the introduction of a new consideration.

In the above scenario,to avoid legal nuisance,Frasier decides to compromise with James.He asks James to fix a tap in the barn for $250,and modify the current contract to include the tap in the barn.James agrees to this,and does as asked while Frasier remakes the contract.Which of the following would this kind of settlement be referred to as?

To be enforceable,a contract must be supported by consideration.

Which of the following is supported by consideration?

James's attempt to make a new contract is void because it lacks consideration under the ________ concept.

If a contract that was lacking in consideration is performed by the parties,the parties cannot subsequently assert lack of consideration to undo the performed contract.

Imposition of the best-efforts duty provides sufficient consideration to make a contract enforceable.

Which of the following condition is required for the two companies to enter into a legally enforceable contract?

A gift promise requires the promisee to provide consideration.

The preexisting rule allows for midstream changes to be enforceable in a contract.

In an output contract,the buyer agrees to make all of its purchases from one buyer.

To meet contractual legality,considerations must be ________.

A gift promise is enforceable if the promisor withdraws from his promise.

An accord is a compromise reached between two parties to settle a claim.

An accord is enforceable even though no new consideration is given.

Why does an illusory contract lack consideration?

A(n)________ is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller.