Exam 11: Consideration and Promissory Estoppel

An illusory promise is an example of a contract that lacks consideration.

Which of the following is true of a promissory estoppel?

Poweroxi Inc.produces rocket propellant fuel that is used in space shuttles.NASA is an agency that requires rocket propellant fuel to send its rockets to space.NASA enters into a contract with Poweroxi Inc.to purchase all of the propellant fuel it will need that year from Poweroxi.What would this contract be an example of?

An out-of-court settlement in exchange for dropping a lawsuit is an example of consideration.

Poweroxi Inc.produces rocket propellant fuel that is used in space shuttles.NASA is an agency that requires rocket propellant fuel to send its rockets to space.NASA enters into a contract with Poweroxi Inc.to purchase all of the propellant fuel it will need that year from Poweroxi.Which of the following conditions would constitute a breach in contract?

A new promise can include a past consideration for it to be enforceable.

Which of the following is true of an accord?

Which of the following is true of applying promissory estoppels to a contract?

________ is an agreement whereby the parties agree to accept something different in satisfaction of the original contract.

If the accord is not satisfied,the other party can sue to enforce the accord.

A promissory estoppel is usually used to provide a remedy to a party who has relied on another party's promise.

Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away.Sharon agrees to do so,provided she has the time for it.What kind of contract do Mary and Sharon have?

Dean Campenella is a detective with the California state police.During the investigation of a missing child,Campenella found new clues that led to the capture of a serial killer involved in another case.Since Campenella was not involved in the serial killer case,and found the clues while investigating another case,Campenella demanded a special reward from the state police department for his help in catching the killer.But his demand was declined citing lack of consideration.Campenella's demand lacks consideration under which of the following?

Considerations can only be monetary or economic in nature.

If Catapipes Plumbing plans to withdraw its bid,what legal doctrine can help AtlasNow from being meted out injustice due to lack of consideration?

A contract into which both parties enter but in which one or both of the parties can choose not to perform their contractual obligations is known as ________.

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

A promise lacks consideration if a person promises to perform an act or do something he or she is already under an obligation to do.This is called a(n)________.

For a gift promise to be enforceable,the promisee must offer a consideration.

Under which of the following conditions is a contract said to have legal value?