1. Consideration is optional in every contract. True False 2. in a bilateral contract, the consideration for a promise is a completed act. True False 3. An exception to the rule requiring consideration is promissory estoppel. True False 4. An illusory promise is not a consideration True False 5. As...
business law test bank 15
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1. Consideration is optional in every contract.
FALSE
True False
2. in a bilateral contract, the consideration for a
FALSE
promise is a completed act.
True False
3. An exception to the rule requiring consideration
is promissory estoppel. TRUE
True False
4. An illusory promise is not a
consideration True False TRUE
5. As a general rule, past consideration qualifies as
con- sideration. FALSE
True False
6. In some cases, if past consideration was given with
expectation of future payment, the court may TRUE
enforce the promise
True False
7. A promise to do something that you are already
oblig- ated to do is generally a valid consideration. FALSE
True False
8. One consideration in determining whether
considera- tion is sufficient to support a contract for FALSE
the sale of goods under the UCC is whether both
parties received a good deal under UCC rules and
principles.
True False
9. Partial payment of a debt may or may not be valid TRUE
consideration, depending on whether the debt is
liq- uidated or unliquidated.
True False
10. FALSE
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A liquidated debt may be the subject of an accord
and satisfaction
True False
11.Which of the following was the result on appeal in
d the Case Opener involving the alleged breach of an
oral contract based on the plaintiff lawyer loaning a
corporate client funds and the client later reneging
on a promise, made in gratitude, to give the lawyer
3 percent of the company's stock?
A. That the promise to transfer the stock flowed from
the loan transaction and was enforceable by the
plain- tiff.
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.
12.Which of the following was the result on appeal in
b Thelma Agnes Smith v. David Phillip Riley, the case
in the text in which the plaintiff who had lived with the
defendant out of wedlock for several years sought af-
ter they broke up to enforce two agreements regarding
the sale and assignment of property to her?
A. The court ruled in favor of the defendant on the
basis that a recitation of nominal consideration of $1
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consid-
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eration to support a conveyance.
B. The court ruled in favor of the plaintiff on the
basis that a recitation of nominal consideration of $1
along with consideration of love and affection was
adequate consideration to support the agreements.
C. The court ruled in favor of the defendant on the
ba- sis that the plaintiff's previous deposit of funds
into a joint checking account was insufficient
consideration for the later agreements.
D. The court ruled in favor of the plaintiff on the
basis that the plaintiff's previous deposit of funds
into a joint checking account was sufficient
consideration for the later agreements.
E. The court ordered the parties to divide on a 50/50
basis the assets in question based on their domestic
partnership.
13.Which of the following was the judge's ruling in Jamil
b Blackmon v. Allen Iverson, the case in the text in
which the plaintiff alleged that the defendant, a
profession-
al athlete, wrongfully failed to pay him a percentage
of proceeds received from using the nickname
"The Answer" in merchandising although the
defendant agreed to do so after the plaintiff
suggested the use of the nickname?
A. That consideration was lacking because the
defen- dant was not bound to use the nickname.
B. That the defendant's promise to pay was past
con- sideration insufficient to create a binding
contract.
C. That consideration was present and that the
4/
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