Exam 12: Consideration

Which of the following describes the time period a person has to pursue any legal claim?

A promisee's promise not to commit a crime can never be consideration because:

In the case in the text,Doe v.Roman Catholic Archdiocese of Indianapolis,the court held that:

Gross inadequacy of consideration is,by itself,a sufficient reason to set aside a contract.

In which of the following circumstances is a debt settlement a binding contract?

Consideration can be a(n)________ in the case of a unilateral contract.

To reduce creditor attempts to pressure debtors to reaffirm,which of the following acts requires that a reaffirmation promise be made prior to the date of the discharge and gives the debtor the right to revoke his promise within 30 days after it becomes enforceable?

Joe and Jack have a written contract whereby Joe agrees to sell Jack a plot of land for $100,000.Later,without terminating the first contract,the parties modify the deal so that Joe sells Jack the same plot of land for $125,000.The second agreement is not a contract because:

Arthur contracts to sell Ben his house for $100,000.Later the parties modify the contract by changing the price to $110,000.All other terms remain the same.Why is there no consideration for the second agreement? State two ways in which the parties can circumvent this problem.

A promise not to sue another party is not consideration because the promise does not convey any legal value to the other party.

When Oliver Wendell Holmes said,"It is the essence of a consideration that,by the terms of the agreement,it is given and accepted as the motive or inducement of the promise," he was referring to:

Contracts in which one party to the agreement agrees to buy all of the other party's production of a particular commodity is called a(n):

James owns Great Expectations,a trendy restaurant in Manhattan.He enters into a contract with Mary,who makes and sells pastries.The contract states that Mary will "supply all of Great Expectation's needs" for pastries for the next year.Is this contract enforceable?

A reaffirmation promise has to be made prior to the date of the discharge and gives the debtor the right to revoke his promise within 30 days after it becomes enforceable.This is the requirement of:

A promise for a charitable purpose will be enforced,despite the absence of consideration,when the promisee:

Mel promises to buy all the video games he wants from Bart.This promise is:

A promise to refrain from smoking can be legal consideration because refraining from a legal right,the right to smoke,can be consideration.

Once a bankrupt debtor ________,creditors no longer have the legal right to collect discharged debts.

In the case in the text,Franchise Holding II,LLC v.Huntington Restaurants Group,Inc. ,the court held all of the following,except:

Which of the following is an agreement by a promisee to refrain from pursuing a legal claim against a promisor?