A) Illusory promises are not consideration.
B) Illusory promises are consideration.
C) Illusory promises qualify as consideration only when past consideration is at issue.
D) Illusory promises qualify as consideration only when promissory estoppel is at issue.
E) Illusory promises are consideration only when a sale of goods is involved.
G) C) and E)
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A) That the company is not bound by its promise because the debt was liquidated.
B) That because Penny offered and the company accepted a different performance in discharge of the obligation, the company is bound.
C) That because the car is worth only $1,000, nowhere near the amount of the debt, the company is released from its promise.
D) That under equitable principles, upon disaffirming the agreement, Penny may keep the car, and the company must take a deduction of 50% on all amounts due.
E) That under equitable principles, upon disaffirming the agreement, Penny must transfer the car to the company, and the company must take a deduction of 50% on all amounts due after sums received from the sale of the car are credited to Penny's account.
G) A) and B)
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A) That consideration was lacking because the defendant was not bound to use the nickname.
B) That the defendant's promise to pay was past consideration insufficient to create a binding contract.
C) That consideration was present and that the defendant was liable to the plaintiff.
D) That the issue of consideration was irrelevant because consideration was not required in this type of contract.
E) That the defendant was required to pay the plaintiff only half of the percentage initially offered because a gift situation was involved.
G) B) and D)
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A) It pertained to a bilateral contract that could be accepted only with consideration consisting of a promise.
B) It pertained to a bilateral contract that could be accepted only with consideration consisting of performance.
C) It pertained to a bilateral contract that could be accepted with consideration consisting of a promise or performance.
D) It pertained to a unilateral contract that could be accepted with consideration consisting of a promise.
E) It pertained to a unilateral contract that could be accepted with consideration consisting of performance.
G) All of the above
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A) Penny is entitled to the money because she upheld her part of the bargain.
B) Penny is not entitled to recover because she had a preexisting duty to obey laws against speeding.
C) Penny is not entitled to recover because obeying traffic laws was actually good for her, not something that would constitute a detriment.
D) Penny is not entitled to recover unless the agreement was put under seal.
E) Penny is entitled to recover, but only ½ of the amount, because a family member is involved and the agreement was not in writing.
G) B) and D)
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A) Action
B) Return promise
C) Acknowledgement
D) Consideration
E) Agreement
G) B) and C)
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Student responses will vary.It seems unf...View Answer
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A) Bruce will be required to pay because a typical, unilateral contract is involved, and he got the benefit of his bargain.
B) Bruce will be required to pay because a typical, bilateral contract is involved, and he got the benefit of his bargain.
C) Bruce will be required to pay because unforeseen circumstances are an exception to the preexisting duty rule.
D) Bruce will not be required to pay because he provided no additional consideration, and the preexisting duty rule applies.
E) Bruce will only be required to pay ½ of the agreed upon amounts because of the calculations involved under the preexisting duty rule.
G) A) and C)
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A) That the promise to transfer the stock flowed from the loan transaction and was enforceable by the plaintiff.
B) That the promise was unenforceable because lawyers may not loan clients money.
C) That the promise was enforceable only if the total the plaintiff received in funds did not violate state usury laws involving maximum interest rates.
D) That the promise was not enforceable because it was a gift.
E) That the promise was enforceable as a gift.
G) None of the above
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A) Nothing
B) Reliance damages
C) Liquidated damages
D) Acknowledged damages
E) Approved damages
G) B) and E)
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B) False
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A) Dawn's statement created an illusory promise which cannot be enforced.
B) Richard breached the contract because he had an obligation to wait a reasonable length of time on Dawn's response, and waiting only two days was not reasonable.
C) Richard did not breach the contract with Dawn because he waited a reasonable amount of time before disposing of the computer.
D) Richard did not breach the contract with Dawn because it was for the sale of goods and, therefore, a typical contract.
E) Richard did not breach the contract, but Dawn can recover based on promissory estoppel.
G) A) and B)
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B) False
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A) Bruce will be required to pay because a typical, unilateral contract is involved, and he got the benefit of his bargain.
B) Bruce will be required to pay because a typical, bilateral contract is involved, and he got the benefit of his bargain.
C) Bruce will be required to pay because unforeseen circumstances are an exception to the preexisting duty rule.
D) Bruce will not be required to pay because he provided no additional consideration, and the preexisting duty rule applies.
E) Bruce will only be required to pay ½ of the agreed upon amounts because of the calculations involved under the preexisting duty rule.
G) B) and D)
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A) Courts generally consider the adequacy of consideration in determining whether to enforce a contract.
B) Courts consider the adequacy of consideration only if something is sold for less than 90% of its market value.
C) Courts consider the adequacy of consideration only if something is sold for less than 80% of its market value.
D) Courts consider the adequacy of consideration only if something is sold for less than 70% of its market value.
E) Courts seldom consider the adequacy of consideration but will do so if fraud is involved.
G) A) and E)
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A) "I'll take it."
B) "I'll take it if I decide to do so."
C) "I won't pay $75, but I will pay $50."
D) "I'll take it if you will let me try it out first and the brakes work well."
E) "I'll take it if you will buy new tires."
G) A) and B)
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A) Consideration was present, there was an enforceable contract, and Bob has wrongfully refused to pay.
B) There was no consideration present, and Bob has no obligation to pay.
C) There was no consideration present, but Bob must pay under principles of promissory estoppels.
D) There was consideration present, but Bob is not required to pay because the contract was illusory.
E) There was consideration present, but Bob is not required to pay because Bob did not receive a benefit personally.
G) A) and E)
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B) False
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A) Yolanda is entitled to the extra $10 because a valid bilateral contract existed.
B) Yolanda is entitled to the extra $10 because a valid unilateral contract existed.
C) Assuming the unforeseen circumstances rule does not apply, Yolanda is not entitled to the extra $10 because she had a preexisting duty to bathe and groom Fluffy Puff for $30.
D) Assuming the unforeseen circumstances rule does not apply, Yolanda is not entitled to the extra $10 because Wendy's promise to pay $30 was illusory.
E) Assuming the unforeseen circumstances rule does not apply, Yolanda is not entitled to the extra $10 because past consideration was involved.
G) C) and D)
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A) If a business inadvertently cashes such a check, the business has 30 days from the date it cashed that check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
B) If a business inadvertently cashes such a check, the business has 60 days from the date it cashed that check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
C) If a business inadvertently cashes such a check, the business has 90 days from the date it cashed that check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
D) If a business inadvertently cashes such a check, the business has 120 days from the date it cashed that check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
E) The business has no recourse, and the debt is deemed discharged and satisfied.
G) A) and B)
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