Question 1

Consideration can only consist of money.

Accepted Answer

A) True 
 B)False

Question 2

For consideration to exist there must be a legal detriment or legal benefit.

Accepted Answer

A) True 
 B)False

Question 3

One of the keys to finding promissory estoppel in a contract is

Accepted Answer

A)  foreseeability.
B)  reliance.
C)  detriment.
D)  both a and bE) B) and C)
F) B) and D)

Question 4

A promise that gives a false impression of a contract is

Accepted Answer

A)  illusory.
B)  unconscionable.
C)  preexisting duty.
D)  consideration.E) A) and D)
F) A) and C)

Question 5

When a party has a preexisting duty, there is a bargained for exchange.

Accepted Answer

A) True 
 B)False

Question 6

A claim for a specific sum is which of the following?

Accepted Answer

A)  Unliquidated
B)  Liquidated
C)  Penal
D)  UnconscionableE) A) and B)
F) B) and D)

Question 7

A past moral obligation is unsupported by consideration, and

Accepted Answer

A)  enforceable.
B)  unenforceable.
C)  illegal.
D)  unjust.E) C) and D)
F) B) and D)

Question 8

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Accepted Answer

A) True 
 B)False

Question 9

The time period in which a party must file a lawsuit is

Accepted Answer

A)  a cause of action.
B)  an accord.
C)  the statute of limitations.
D)  a compromise.E) None of the above
F) A) and B)

Question 10

All contracts must have consideration to be enforceable.

Accepted Answer

A) True 
 B)False

Question 11

Consideration may be

Accepted Answer

A)  services.
B)  forbearance.
C)  property.
D)  all of the above.E) B) and D)
F) All of the above

Question 12

Services cannot be used for consideration.

Accepted Answer

A) True 
 B)False  False

Question 13

For consideration to exist the value must be which of the following?

Accepted Answer

A)  Legal
B)  Illusory
C)  Preexisting
D)  SubstantialE) C) and D)
F) All of the above A

Question 14

Consideration is the value paid for the promise.

Accepted Answer

A) True 
 B)False

Question 15

The doctrine of promissory estoppel focuses on which of the following?

Accepted Answer

A)  Fairness
B)  Justice
C)  All of the above
D)  None of the aboveE) None of the above
F) A) and B)

Question 16

Promissory estoppel focuses on principles of fairness and justice.

Accepted Answer

A) True 
 B)False

Question 17

Match between columns
                        Premises: A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. 
A prior responsibility to act or not act on doing something. 
A promise by one party with no exchange of value. 
Tune period in which a lawsuit must be filed. 
Promise that gives the false impression of a contract. 
Services, money, property, or acts of forbearance constituting forms of consideration. 
When a party sacrifices something in a transaction. 
A prior existing promise made for some future act. 
When a party gains something in a transaction. 
A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Accepted Answer

The Answer of illusory promise and legal detriment and Value is...

Question 18

A compromise and settlement agreement can also be known as which of the following?

Accepted Answer

A)  Accord
B)  Satisfaction
C)  Accord and satisfaction
D)  CompromiseE) A) and C)
F) B) and C)

Question 19

Promise of a gift is enforceable as valid consideration.

Accepted Answer

A) True 
 B)False

Question 20

When consideration is in dispute an accord and satisfaction can be executed.

Accepted Answer

A) True 
 B)False  True

Exam 4: Consideration: the Value for the Promise

Consideration can only consist of money.

Correct Answer
verified

For consideration to exist there must be a legal detriment or legal benefit.

Correct Answer
verified

One of the keys to finding promissory estoppel in a contract is

Correct Answer
verified

A promise that gives a false impression of a contract is

Correct Answer
verified

When a party has a preexisting duty, there is a bargained for exchange.

Correct Answer
verified

A claim for a specific sum is which of the following?

Correct Answer
verified

A past moral obligation is unsupported by consideration, and

Correct Answer
verified

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Correct Answer
verified

The time period in which a party must file a lawsuit is

Correct Answer
verified

All contracts must have consideration to be enforceable.

Correct Answer
verified

Consideration may be

Correct Answer
verified

Services cannot be used for consideration.

Correct Answer
verified
False

For consideration to exist the value must be which of the following?

Correct Answer
verified
A

Consideration is the value paid for the promise.

Correct Answer
verified

The doctrine of promissory estoppel focuses on which of the following?

Correct Answer
verified

Promissory estoppel focuses on principles of fairness and justice.

Correct Answer
verified

Matching:

A compromise and settlement agreement can also be known as which of the following?

Correct Answer
verified

Promise of a gift is enforceable as valid consideration.

Correct Answer
verified

When consideration is in dispute an accord and satisfaction can be executed.

Correct Answer
verified
True

Exam 4: Consideration: the Value for the Promise

Consideration can only consist of money.

Correct AnswerverifiedShow Answer

For consideration to exist there must be a legal detriment or legal benefit.

Correct AnswerverifiedShow Answer

One of the keys to finding promissory estoppel in a contract is

Correct AnswerverifiedShow Answer

A promise that gives a false impression of a contract is

Correct AnswerverifiedShow Answer

When a party has a preexisting duty, there is a bargained for exchange.

Correct AnswerverifiedShow Answer

A claim for a specific sum is which of the following?

Correct AnswerverifiedShow Answer

A past moral obligation is unsupported by consideration, and

Correct AnswerverifiedShow Answer

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Correct AnswerverifiedShow Answer

The time period in which a party must file a lawsuit is

Correct AnswerverifiedShow Answer

All contracts must have consideration to be enforceable.

Correct AnswerverifiedShow Answer

Consideration may be

Correct AnswerverifiedShow Answer

Services cannot be used for consideration.

Correct AnswerverifiedFalse

For consideration to exist the value must be which of the following?

Correct AnswerverifiedA

Consideration is the value paid for the promise.

Correct AnswerverifiedShow Answer

The doctrine of promissory estoppel focuses on which of the following?

Correct AnswerverifiedShow Answer

Promissory estoppel focuses on principles of fairness and justice.

Correct AnswerverifiedShow Answer

Matching:

A compromise and settlement agreement can also be known as which of the following?

Correct AnswerverifiedShow Answer

Promise of a gift is enforceable as valid consideration.

Correct AnswerverifiedShow Answer

When consideration is in dispute an accord and satisfaction can be executed.

Correct AnswerverifiedTrue

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
False

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True