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1.
(p. 346)
Consideration is optional in every contract.
2.
(p. 346)
In a bilateral contract, the consideration for a promise is a completed act.
3.
(p. 347)
An exception to the rule requiring consideration is promissory estoppel.
4.
(p. 351)
An illusory promise is not a consideration.
5.
(p. 351)
As a general rule, past consideration qualifies as consideration.
6.
(p. 352)
In some cases, if past consideration was given with expectation of future payment, the
court may enforce the promise.
7.
(p. 353)
A promise to do something that you are already obligated to do is generally a valid
consideration.
8.
(p. 348)
One consideration in determining whether consideration is sufficient to support a
contract for the sale of goods under the UCC is whether both parties received a good deal under
UCC rules and principles.
9.
(p. 354)
Partial payment of a debt may or may not be valid consideration, depending on whether
the debt is liquidated or unliquidated.
10.
(p. 354)
A liquidated debt may be the subject of an accord and satisfaction.
11.
(p. 356)
Which of the following was the result on appeal in 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?
12.
(p. 351)
Which of the following was the result on appeal in
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 after they broke up to enforce two agreements regarding the sale and
assignment of property to her?
13.
(p. 353)
Which of the following was the judge's ruling in
Jamil
Blackmon v. Allen Iverson
, the case
in the text in which the plaintiff alleged that the defendant, a professional 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?
14.
(p. 356)
Sue is three months behind on her mortgage, and her lender filed negative information
affecting her credit rating. Sue mailed one monthly payment to the lender along with a letter
providing that she was making the payment on condition that the lender removes negative
material sent to credit reporting agencies affecting her credit rating. The lender cashed the check
but did not remove the negative information. Sue sues the bank for breach of contract. Which of
the following is the most likely result?
15.
(p. 346)
Which of the following is what a person will receive in return for performing a contract
obligation?
16.
(p. 349)
Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during
the spring semester in exchange for having his tuition paid for the fall semester. The uncle
agrees; but after Sam has lost 10 pounds and exercised all semester, Bob refuses to pay saying
that no contract existed. Which of the following is true?
17.
(p. 351)
Which of the following is
not
an example of consideration?
18.
(p. 346)
In a bilateral contract, the consideration for each promise is ____.
19.
(p. 346)
In a unilateral contract, the consideration for a promise is a[n] ____.
20.
(p. 347)
Which of the following is an exception to the rule requiring consideration?
21.
(p. 347)
Which of the following occurs when three conditions are met: one party makes a promise
knowing the other party will rely on it; the other party does rely on it; the only way to avoid
injustice is to enforce the promise?
22.
(p. 352)
Which of the following would not be considered an example of consideration?
23.
(p. 348)
Which of the following is true regarding the adequacy of consideration?
24.
(p. 348)
As discussed in the case of
Double AA Builders Ltd., v. Grand State Construction L.L.C.,
which of the following may be used to necessitate that a subcontractor perform according to the
terms of its bid because the contractor has relied on the subcontractor's bid?
25.
(p. 351)
Which of the following is true regarding illusory promises?
26.
(p. 351)
Sam offers Betty his bicycle for $75. Which of the following is an example of an illusory
promise on the part of Betty?
27.
(p. 351)
For a court to enforce a promise, ______ must offer consideration.
28.
(p. 353)
A promise to do something that you are already obligated to do is ____.
