BUL 3130 Final Exam UNF || with Accurate Answers 100%.
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Course
BUL 3130
Institution
BUL 3130
Consideration correct answers the inducement to enter into a contract (what you give up in order to get what you want)
Gratuitous Promise correct answers promise made without consideration
elements correct answers legal sufficiency and bargained-for exchanged (doesn't have to be equal to what...
BUL 3130 Final Exam UNF || with Accurate Answers 100%.
Consideration correct answers the inducement to enter into a contract (what you give up in order
to get what you want)
Gratuitous Promise correct answers promise made without consideration
elements correct answers legal sufficiency and bargained-for exchanged (doesn't have to be equal
to what you receive)
legal sufficiency of consideration correct answers consists of either a benefit to the promisor or a
detriment to the promise
Legal Benefit correct answers obtaining something to which one had no prior legal right
Legal Detriment correct answers doing an act one is not legally obligated to do or not doing an
act that one has a legal right to do
Adequacy of Consideration correct answers not required where the parties have freely agreed to
the exchange
Promisor correct answers A person who makes a promise.
Unilateral Contract correct answers only one party, the offeror makes a promise
Bilateral Contract correct answers there is an exchange of promises
Illusory Promise correct answers promise that in fact does not impose any obligation on the
promisor
output contract correct answers agreement to sell all of one's production to a single buyer
requirements contract correct answers An agreement in which a buyer agrees to purchase and the
seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
exclusive dealing contract correct answers grant to a franchisee or licensee by a manufacturer of
the sole right to sell goods in a defined market
Conditional Contract correct answers A contract in which the obligations are contingent upon the
occurrence of a stated event
precedent correct answers condition must be met before you have any obligation
concurrent correct answers unless otherwise greed to, conditions are concurrent
(same time)
, subsequent correct answers condition on contract after its been completed
Preexisting Public Obligations correct answers public duties such as those imposed by tort or
criminal law are neither a legal detriment nor a legal benefit
Preexisting Contractual Obligation correct answers performance of a preexisting contractual duty
is not consideration
Modification of a Preexisting Contract correct answers under the common law a modification of
a preexisting contract must be supported by mutual consideration; under the Code a contract can
be modified without new consideration
Substituted Contract correct answers parties rescind their original contract and enter into a new
one
Settlement of a Disputed Debt correct answers payment of a lesser sum of money to discharge a
disputed debt is legally sufficient consideration
Settlement of an Undisputed Debt correct answers payment of a lesser sum of money to
discharge a disputed debt is legally sufficient consideration
bargained for exchange correct answers a mutually agreed-upon exchange
Past Consideration correct answers an act done before the contract is made is not consideration
Contracts without Consideration correct answers promises to perform prior unenforceable
obligations
Promise to Pay Debt Barred by the Statute of Limitations correct answers a new promise by the
debtor to pay the debt renews the running of the statue of limitations for a second statutory
period
Promise to Pay Debt Discharged in Bankruptcy correct answers may be enforceable without
consideration
voidable promises correct answers a new promise to perform a voidable obligation that has not
been previously avoided is enforceable
moral obligation correct answers a promise made to satisfy a preexisting moral obligation is
generally unenforceable for lack of consideration
Promissory Estoppel correct answers A doctrine that applies when a promisor makes a clear and
definite promise on which the promisee justifiably relies; such a promise is binding if justice will
be better served by the enforcement of the promise.
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