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BLAW 3201 Exam 3- Test Bank Questions and Answers 100% Solved | Graded A+
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BLAW 3201 Exam 3- Test Bank Questions and Answers 100% Solved | Graded A+ A new promise to perform a voidable obligation that has not been avoided previously is enforceable without new consideration. - t In some states a promise under seal is binding without consideration. - t Past actions un...

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  • December 21, 2024
  • 70
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • blaw 3201

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  • BLAW 3201
  • BLAW 3201

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BLAW 3201 Exam 3- Test Bank

Questions and Answers 100% Solved |

Graded A+


A new promise to perform a voidable obligation that has not been avoided

previously is enforceable without new consideration. - ✔✔t

In some states a promise under seal is binding without consideration. - ✔✔t

Past actions unbargained for by the parties in an agreement can become

valid consideration for a contract. - ✔✔f

Dana gives care to Marnie's dog when Dana finds Marnie's dog ill on the

side of the road. After Marnie locates her dog, Marnie promises to

reimburse Dana for the cost of treating the dog. Marnie's promise is

binding, because there is a bargained-for-exchange. - ✔✔f

In most, if not all, cases where there is a legal detriment to the promisee,

there is also a legal benefit to the promisor. - ✔✔t




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,The central idea behind consideration is that the parties have intentionally

entered into a bargained exchange with one another and have given each

other something in exchange for a promise or performance - ✔✔t

The Code has changed the common law rule regarding modification of a

preexisting contract by providing that a contract for the sale of goods can

be effectively modified by the parties without new consideration, provided

they intend to do so and act in good faith. - ✔✔t

Sandy's private secretary promises to keep the contents of a letter she

typed secret if Sandy will give her the next day off with pay. If the secretary

takes the day off, Sandy has to pay her for the day. - ✔✔f

A modification of a contract for the sale of goods must always be supported

by additional consideration. - ✔✔f

The parties to a contract may modify the agreement with no additional

consideration by simply substituting a new contract. - ✔✔t

Contracts generally require adequacy of consideration where the

consideration given by both parties is of fair value and equitable. - ✔✔f

In a unilateral contract, a promise is exchanged for an act or forbearance to

act - ✔✔t




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,"Consideration" does not require an actual benefit to both sides of an

agreement. - ✔✔t

If Sam agrees to sell to Thomas all of the tomatoes he wants at $25 a

bushel, there is no contract for lack of consideration. - ✔✔t

A few states provide by statute that the parties need to provide no new

consideration when modifying any contract. - ✔✔t

The element of exchange is absent where a promise is given for an act that

has already been done. - ✔✔t

According to the UCC, only a merchant can make a firm offer to a buyer. -

✔✔t

An exclusive dealing contract is one type of contract which is illusory

because it lacks consideration. - ✔✔f

An agreement to sell the entire production of a particular plant to a

particular purchaser is a requirements contract. - ✔✔f

The Abbot Corporation contracts with the Baker Corporation to sell to

Baker its entire production. After signing the agreement, Abbot can

increase its production from one shift to two shifts and Baker will have to

buy all of the doubled production. - ✔✔f



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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, The performance of a pre-existing contractual duty which is neither doubtful

nor the subject of an honest dispute is legally sufficient consideration to

support a second contract. - ✔✔f

Under the common law, in order to be enforceable, a modification of an

existing contract must be supported by mutual consideration. - ✔✔t

The Restatement provides that a promise following the rendering of

emergency services is binding even if not supported by consideration if

necessary to prevent injustice - ✔✔t

In settling a liquidated debt, payment of a smaller amount before the due

date would constitute consideration, but paying a lesser amount on the due

date at an agreed-upon different place of payment would not be legally

sufficient consideration - ✔✔f

Legal sufficiency of consideration and adequacy of consideration are

virtually synonymous terms. - ✔✔f

In a bilateral contract, if one party is not bound, neither party is bound. -

✔✔t

Jerry received a bill for $300 from Johnson for a tune-up Johnson had

performed on Jerry's car. Jerry called Johnson and told him, "The car runs

no better now than before the tune-up. I am sending you $100 and no


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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