Question 1

Marcy's Mom.Marcy's mother,Sue,did not want her to date until she was older.She also wanted Marcy to attend law school.Just before Marcy started her freshman year in college,Sue told Marcy that if Marcy would refrain from dating until she received her law degree,then Sue would pay off all Marcy's school loans and throw in an extra $50,000.Marcy agrees and states,"Thanks,Mom,and by the way,when I graduate I'm throwing you a big party for all you've done for me!" Sue smiles and hugs Marcy.Marcy finished law school and asked for payment of her loans,the $50,000 in cash,and for a car.Sue said,"No way - I know you went out on some dates during law school,and I never agreed on the car." Marcy said those were just study nights and that her mother had never objected to Marcy's frequent statements that she wanted a car upon graduation.Sue asks about the party.Marcy tells her that she is nuts because there is no way Marcy can afford a party since Sue has backed out of the deal.After some serious negotiation Marcy and Sue settled their dispute with Sue agreeing to pay for half of Marcy's school loans and for all the expenses of Marcy's upcoming wedding,and to forget about Marcy's throwing a party for her.Was there sufficient consideration to support Marcy's agreement to throw a party for Sue?

Accepted Answer

A)  Yes,sufficient consideration was present.
B)  No,there was insufficient consideration because Sue did not promise anything in exchange.
C)  No,there was insufficient consideration because Marcy's agreement was illusory.
D)  No,because throwing a party does not have monetary value and,therefore,does not constitute valid consideration.
E)  No,because close relatives are involved.F) A) and B)
G) A) and C)

Question 2

Which of the following constitute(s) consideration?

Accepted Answer

A)  A benefit to the promisor,but not a detriment to the promisee.
B)  A detriment to the promisee,but not a benefit to the promisor.
C)  A promise to do something,a benefit to the promisor,or a detriment to the promisee.
D)  An invitation to negotiate.
E)  A valid counteroffer.F) A) and C)
G) A) and E)

Question 3

Do you believe that in order to enforce a contract,the law should require a party to give consideration that is similar to or equal in value to what they will receive from the other party? Discuss why or why not.

Accepted Answer

Student responses will vary.As a general...

Question 4

Define and discuss promissory estoppel,and give an example of when it would be applied.

Accepted Answer

Promissory estoppel occurs when one part...

Question 5

Which of the following is a valid accord and satisfaction?

Accepted Answer

A)  A dispute over an unliquidated debt is settled and paid for less than the full amount.
B)  A dispute over a liquidated debt is settled and paid for less than the full amount.
C)  A dispute over an unliquidated debt is settled and paid for the full amount.
D)  A dispute over a liquidated debt is settled and paid for the full amount.
E)  A dispute over either an unliquidated or liquidated debt is settled and paid for less than the full amount.F) A) and B)
G) A) and E)

Question 6

A promise to do something that you are already obligated to do is ________.

Accepted Answer

A)  valid consideration because it is illusory consideration
B)  valid consideration,but only in the employment context
C)  valid consideration because it is past consideration
D)  valid consideration,but only if a sale of goods transaction invoking the applicability of the Uniform Commercial Code (UC
C)  is involved
E)  not valid considerationF) A) and D)
G) B) and E)

Question 7

In a(n) ________ debt,the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.

Accepted Answer

A)  disputed
B)  unacknowledged
C)  uncertain
D)  liquidated
E)  unliquidatedF) C) and D)
G) All of the above

Question 8

Marcy's Mom.Marcy's mother,Sue,did not want her to date until she was older.She also wanted Marcy to attend law school.Just before Marcy started her freshman year in college,Sue told Marcy that if Marcy would refrain from dating until she received her law degree,then Sue would pay off all Marcy's school loans and throw in an extra $50,000.Marcy agrees and states,"Thanks,Mom,and by the way,when I graduate I'm throwing you a big party for all you've done for me!" Sue smiles and hugs Marcy.Marcy finished law school and asked for payment of her loans,the $50,000 in cash,and for a car.Sue said,"No way - I know you went out on some dates during law school,and I never agreed on the car." Marcy said those were just study nights and that her mother had never objected to Marcy's frequent statements that she wanted a car upon graduation.Sue asks about the party.Marcy tells her that she is nuts because there is no way Marcy can afford a party since Sue has backed out of the deal.After some serious negotiation Marcy and Sue settled their dispute with Sue agreeing to pay for half of Marcy's school loans and for all the expenses of Marcy's upcoming wedding,and to forget about Marcy's throwing a party for her.What type of alleged debt was involved in the dispute between Marcy and Sue involving the school loans,additional funds,car,and party?

Accepted Answer

A)  Liquidated
B)  Unliquidated
C)  Supported
D)  Unsupported
E)  Liquidated in relation to the school loans,additional funds,and car; and unsupported in relation to the party.F) C) and D)
G) None of the above

Exam 10: Consideration

Correct Answer
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Correct Answer
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In a(n) ________ debt,the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.

Correct Answer
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Which of the following is a valid accord and satisfaction?

Correct Answer
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Do you believe that in order to enforce a contract,the law should require a party to give consideration that is similar to or equal in value to what they will receive from the other party? Discuss why or why not.

Correct Answer
verified
Student responses will vary.As a general...
View Answer

A promise to do something that you are already obligated to do is ________.

Correct Answer
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Define and discuss promissory estoppel,and give an example of when it would be applied.

Correct Answer
verified
Promissory estoppel occurs when one part...
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Which of the following constitute(s) consideration?

Correct Answer
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Exam 10: Consideration

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In a(n) ________ debt,the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.

Correct AnswerverifiedShow Answer

Which of the following is a valid accord and satisfaction?

Correct AnswerverifiedShow Answer

Do you believe that in order to enforce a contract,the law should require a party to give consideration that is similar to or equal in value to what they will receive from the other party? Discuss why or why not.

Correct AnswerverifiedStudent responses will vary.As a general...View AnswerShow Answer

A promise to do something that you are already obligated to do is ________.

Correct AnswerverifiedShow Answer

Define and discuss promissory estoppel,and give an example of when it would be applied.

Correct AnswerverifiedPromissory estoppel occurs when one part...View AnswerShow Answer

Which of the following constitute(s) consideration?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
Student responses will vary.As a general...
View Answer

Correct Answer
verified

Correct Answer
verified
Promissory estoppel occurs when one part...
View Answer

Correct Answer
verified