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Exam 15: Consideration

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Question 51

Multiple Choice

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Which of the following is not a type of consideration?

A) A benefit to the promisee.
B) A detriment to the promisor.
C) A promise to do something.
D) A promise to refrain from doing something.
E) A promise to think about refraining from doing something.

F) A) and D)
G) C) and E)

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Question 52

Multiple Choice

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If a check is marked "paid in full," which of the following is true under the UCC?

A) If a business inadvertently cashes such a check, the business has 30 days from the date it cashed that check to offer repayment in the same amount to the debtor to avoid an accord and satisfaction.
B) If a business inadvertently cashes such a check, the business has 60 days from the date it cashed that check to offer repayment in the same amount to the debtor to avoid an accord and satisfaction.
C) If a business inadvertently cashes such a check, the business has 90 days from the date it cashed that check to offer repayment in the same amount to the debtor to avoid an accord and satisfaction.
D) If a business inadvertently cashes such a check, the business has 120 days from the date it cashed that check to offer repayment in the same amount to the debtor to avoid an accord and satisfaction.
E) The business has no recourse, and the debt is deemed discharged and satisfied.

F) B) and D)
G) B) and C)

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Question 53

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[Garage Sale] While cleaning out his garage, Ezra offers to sell Mia a used computer for $200. Mia replies, "I'll think about it and buy it if I decide to do so." Ezra also calls Irina and offers to sell Irina a used business law book for $50. She asks if she can clean his apartment in exchange for the book, instead of paying cash, and he agrees. Ezra also agrees to sell a communications book for $5 to Tam, who promises to pick it up the next day. Meanwhile, Diego comes to visit and offers Ezra $45 for the business law book. Ezra sells it to him because he decides his apartment is clean enough. Diego also offers Ezra $50 for the used computer. Ezra sells it to Diego because he does not expect to hear from Mia. Diego sees the communications book and offers Ezra $45 for it. Ezra decides to forget about Tam and proceeds to sell the book to Diego for $45. The next day Irina shows up to clean Ezra's apartment and is very angry because Ezra did not save the book for her. Irina claims that Ezra breached their contract because they had a deal. Ezra says that they never had a deal because no consideration was present. He also says that even if cleaning house would be considered consideration, any housekeeping done would have been wholly inadequate to support receipt of the book because his house was already clean. Tam is also angry because Ezra sold the communications book, and informs him that he breached the contract he had with her. Ezra tells her that he had no obligation to hold the book for her because they had a unilateral contract. Two days after they first spoke, Mia tells Ezra that she would like the computer. She tells him that her response bound him and that he should have awaited her action. Ezra tells Diego that he needs to return everything for a full refund. Diego refuses. -Which of the following is true regarding whether Ezra breached a contract with Mia?

[Bank Robbery] Safe Bank was robbed of a significant sum of cash by a robber later identified as Victor Victory. Safe Bank offered a reward of $10,000 to anyone who captured or provided information leading to the capture of Victor. Kareem, a police officer in town, promised Safe Bank officials that he would apprehend Victor. While on duty, Kareem arrested Victor at a restaurant in town. He found Victor after Ursula, Victor's girlfriend, told Kareem about various places Victor enjoyed eating. The bank refuses to pay either Ursula or Kareem any of the reward money. -In a lawsuit between the bank and Ursula, regarding the reward funds, who is likely to prevail and why?

A store indicates to a produce seller, "If you ship me those oranges by Friday, I will consider making you my sole supplier." This agreement is:

Nina, an experienced pool contractor, and Charlie agree on a price for Nina to build a pool in Charlie's backyard. Nina discovers that she did not initially include a sufficient charge for labor in her original price. She informs Charlie that unless she receives an extra $5,000 with which to hire workers, she cannot complete the job. Charlie agrees, thinking to himself that he has a way out. When Nina finishes the pool, Charlie refuses to pay the additional $5,000. Which of the following is the most likely result of their dispute?

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

Jack offers Selena his bicycle for $75. Which of the following is an example of an illusory promise on Selena's part?

Why is there no consideration when a party does what it is already legally obligated to do?

When determining whether consideration is sufficient to support a contract for the sale of goods under the UCC, one relevant factor is whether both parties received a good deal under UCC rules and principles.