Question 1

Nathan entered a contract while he was seventeen.If, upon reaching the age of majority, he has not avoided the contract and promises to perform those contractual obligations, new consideration is required for the contract to be enforceable.

Accepted Answer

A) True 
 B)False

Question 2

Aron ordered an truck bed toolbox for $249.99.Before it was delivered, the same store from which he ordered the toolbox ran an ad in the paper for the same toolbox at $179.99.Aron called the store and demanded the advertised price.If the store says "okay":

Accepted Answer

A)  Aron must pay $179.99. 
B)  Aron must pay $249.99. 
C)  there is no contract. 
D)  there is a contract for the reasonable value of the toolbox .

Question 3

If Marguarite promises to pay Neal $300 not to defame her, the promise is unenforceable because tort law imposes a preexisting obligation on Neal to refrain from such an act.

Accepted Answer

A) True 
 B)False

Question 4

Define consideration.

Accepted Answer

The answer of Define consideration....

Question 5

Alice says to Brian, "If I decide to buy a digital camera next year, I will buy it from you." This is an example of:

Accepted Answer

A)  an illusory promise. 
B)  past consideration. 
C)  the pre-existing duty rule. 
D)  good consideration.

Question 6

There are certain transactions that are enforceable without consideration.These include:

Accepted Answer

A)  promises to pay a debt barred by the statute of limitations. 
B)  a promise to pay a debt that has been discharged in bankruptcy if certain requirements are met. 
C)  a new promise to perform a voidable obligation that has not previously been avoided. 
D)  All of these.

Exam 12: Consideration