Question 1

According to the Uniform Commercial Code,if the original agreement requires any modification to be in writing,an oral modification:

Accepted Answer

A)  is unenforceable. 
B)  is enforceable. 
C)  can be enforced if the value of the goods exceeds $500. 
D)  can create legal value. 
A)  is unenforceable. 
B)  is enforceable. 
C)  can be enforced if the value of the goods exceeds $500. 
D)  can create legal value.

Question 2

_____ are worded in a way that allows the promisor to decide whether or not to perform the promise.

Accepted Answer

A)  Novations 
B)  Compositor promises 
C)  Illusory promises 
D)  Modifications 
A)  Novations 
B)  Compositor promises 
C)  Illusory promises 
D)  Modifications

Question 3

A promise supported by past consideration is always enforceable.

Accepted Answer

A) True 
 B)False

Question 4

Courts grant equitable remedies to those who seek to enforce grossly inadequate bargains on the grounds that such persons are entitled to the special treatment equity affords.

Accepted Answer

A) True 
 B)False

Question 5

Jake had grown tired of working on the family farm and was considering moving away.However,his parents told him,"If you'll stay and help us,we'll leave you the farm when we die." As a result,Jake decided to stay on the farm and worked there for the next twenty years.However,when his parents finally died,Jake learned that they had left the farm to his brother,Nathan.Jake filed suit against his parents' estate to enforce their promise of leaving him the farm.Which of the following would be true of this scenario?

Accepted Answer

A)  Nathan and the parents' estate should be allowed to defeat Jake's claim to the farm by arguing that the parents' promise was enforceable because Jake gave consideration for the promise. 
B)  The work that Jake did on the farm before his parents made their promise is sufficient consideration to make their promise enforceable. 
C)  Jake's parents' promise is not enforceable because it was illusory. 
D)  Jake's parents' promise would be enforceable under the doctrine of promissory estoppel. 
A)  Nathan and the parents' estate should be allowed to defeat Jake's claim to the farm by arguing that the parents' promise was enforceable because Jake gave consideration for the promise. 
B)  The work that Jake did on the farm before his parents made their promise is sufficient consideration to make their promise enforceable. 
C)  Jake's parents' promise is not enforceable because it was illusory. 
D)  Jake's parents' promise would be enforceable under the doctrine of promissory estoppel.

Question 6

On October 29,1989,Alex agrees to paint Georgia's house during the Thanksgiving week for $4,000 in exchange for Georgia's promise to pay him $4,000 in cash immediately upon completion of the work.Which of the following statements is true of this case?

Accepted Answer

A)  Georgia could hire another painter on October 31 without legal liability to Alex because until he has painted the house, he has not given any consideration for Georgia's promise to hire him. 
B)  Alex could back out of the deal on October 31 without legal liability to Georgia because she has not given any consideration for Alex's promise to do the work until she pays him. 
C)  Both parties are bound on October 29 because each has given consideration for the other's promise. 
D)  Alex could back out of the deal on October 29 without legal liability if he could prove that $4,000 was inadequate consideration to paint Georgia's house. 
A)  Georgia could hire another painter on October 31 without legal liability to Alex because until he has painted the house, he has not given any consideration for Georgia's promise to hire him. 
B)  Alex could back out of the deal on October 31 without legal liability to Georgia because she has not given any consideration for Alex's promise to do the work until she pays him. 
C)  Both parties are bound on October 29 because each has given consideration for the other's promise. 
D)  Alex could back out of the deal on October 29 without legal liability if he could prove that $4,000 was inadequate consideration to paint Georgia's house.

Question 7

Explain with an example how promissory estoppel affects consideration.

Accepted Answer

An important exception to consideration

Question 8

Explain an illusory promise and provide an example.

Accepted Answer

Illusory promises are worded in a way th

Question 9

Which of the following is true of additional exceptions to the requirement of consideration?

Accepted Answer

A)  Once a bankrupt debtor is granted a discharge, creditors have a legal right to collect the discharged debts. 
B)  According to the Uniform Commercial Code, an offer by a merchant in a signed writing to keep an offer open is good only when it has additional consideration. 
C)  Charitable subscriptions are unenforceable unless and until the institution to which the promise was made incurs obligations by relying on the promise. 
D)  A creditor who fails to file suit to collect a debt within the time limit set by the appropriate statute of limitations has the right to collect it. 
A)  Once a bankrupt debtor is granted a discharge, creditors have a legal right to collect the discharged debts. 
B)  According to the Uniform Commercial Code, an offer by a merchant in a signed writing to keep an offer open is good only when it has additional consideration. 
C)  Charitable subscriptions are unenforceable unless and until the institution to which the promise was made incurs obligations by relying on the promise. 
D)  A creditor who fails to file suit to collect a debt within the time limit set by the appropriate statute of limitations has the right to collect it.

Question 10

Explain the difference between a liquidated and an unliquidated debt.

Accepted Answer

A liquidated debt is undisputed; that is

Exam 12: Consideration

According to the Uniform Commercial Code,if the original agreement requires any modification to be in writing,an oral modification:

_____ are worded in a way that allows the promisor to decide whether or not to perform the promise.

A promise supported by past consideration is always enforceable.

Courts grant equitable remedies to those who seek to enforce grossly inadequate bargains on the grounds that such persons are entitled to the special treatment equity affords.

On October 29,1989,Alex agrees to paint Georgia's house during the Thanksgiving week for $4,000 in exchange for Georgia's promise to pay him $4,000 in cash immediately upon completion of the work.Which of the following statements is true of this case?

Explain with an example how promissory estoppel affects consideration.

Explain an illusory promise and provide an example.

Which of the following is true of additional exceptions to the requirement of consideration?

Explain the difference between a liquidated and an unliquidated debt.

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Partnerships

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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