Exam 12: Consideration

A contract that involves obligations on the part of manufacturers and distributors is called a(n):

In determining whether consideration exists,the law is not concerned with any disproportion in value between the things exchanged in a contract.

Unlike the UCC,the CISG requires new consideration to modify a contract.

When a promise does not bind the promisee to do or refrain from doing anything,the promise is:

X and Y have a contract,which obligated X to sell Y 100 boxes of screws for $100.The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125.The second agreement is:

Which of the following will be legally binding on all parties despite lack of consideration?

As mentioned in the case in the text,Steinberg v.U.S. ,in deciding whether consideration to form a contract exists,a court must determine whether:

Daniel is a senior at State University.Brian,Daniel's father,is concerned about Daniel's study habits,given that Daniel spends most of his evenings at the campus pub instead of the library.Brian promises Daniel that he will send him on an expense-paid trip to Europe after his graduation if Daniel spends at least five evenings a week studying in the campus library for the remainder of his senior year.After returning home from his graduation,Daniel asks Brian about the European trip.Brian replies,"Your education was your reward.I don't owe you a trip to Europe." Brian is:

In Welsh v.Lithia Vaudm,Inc. ,the case in the text,the court held that:

The rule on adequacy of consideration reflects the laissez-faire assumption of freedom of contract.

Mr.Blue gave his favorite nephew Jim Jr. ,who is a mechanic,$1,000 in January.Later that year,he needed his car repaired.In the sales contract,Mr.Blue indicated that the amount owed should be deducted from the money already paid.A court will find that Mr.Blue failed to give proper consideration for the contract.

To satisfy the consideration requirement to form a contract,the consideration exchanged by the parties must:

Prior to the enactment of the UCC,common law courts often refused to enforce both output contracts and requirements contracts because they:

Michael and William contracted for Michael to mow William's lawn once a week for 20 weeks,at a price of $20 per week.Later,without terminating the first contract,the parties modify the contract as follows: Michael will mow William's lawn in exactly the same way for exactly the same time period,in exchange for William's promise to pay Michael $22 per week.There is no consideration for William's promise.

Which of the following is true of consideration?

Which of the following is true of preexisting contractual duties and their modification under the UCC?

Joe promises to give his brother Bill a $30,000 new car for $50.Which of the following best describes the $50?

The general common law rule on contract modifications holds that an agreement to modify an existing contract requires a(n):

Why is past consideration not adequate consideration in a present promise?

Mr.Green is a local mobster who makes Mr.Blue pay $100 not to have his business burned to the ground.What is the status of the contract between Mr.Green and Mr.Blue?