QUIZ 7 - CONSIDERATION - Questions Question1 1/1point...

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QUIZ 7 - CONSIDERATION

Question 3   1 / 1 point In January , Alex promised to pay Y­K Inc. $ 5,000 if it would refrain from filing suit against him on a breach of contract action . Y­K agreed and accepted a $ 5,000 check from Alex . Which of the following statements is correct ?
 Y­K 's promise to refrain from suing Alex was not supported by legal consideration .
 Y­K 's promise to refrain from suing Alex was supported by legal consideration and is enforceable .
 This is an accord and satisfaction , and Y­K can not sue .
 The courts would apply promissory estoppel in this situation .
Question 4   1 / 1 point Zero , Inc. agreed to build Millie a storage building for $ 8,000 . After beginning the project , Zero realized that it could not complete the job and make a profit . Zero demanded $ 9,500 to complete the building . Millie agreed to pay the $ 9,500 . When the project was complete , Millie tendered $ 8,000 to Zero for the job . If Zero sues Millie for the remaining $ 1,500 :
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Question 6   1 / 1 point " I 'll sell you my car if I decide to sell it " is an example of :
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Question 7   1 / 1 point A promise by Derkin Restaurants to buy all of the produce it needs this next year at an established price from Elfredo 's Produce would be an :
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Question 8   1 / 1 point Bernie owes an undisputed amount to Wilde 's Heating and Air Conditioning . Which of the following is true ?
 If Wilde 's agrees to accept less than the full amount as full payment , the agreement is not binding .
 The undisputed amount is also known as an unliquidated amount .
 If the parties agree to settle for less than the full amount , their agreement is governed by the ruling in Henches v. Taylor .
 If Wilde 's agrees to accept less than the full amount , the agreement is only binding if it is in writing and signed by Bernie .
Question 9   1 / 1 point Police Officer Paul apprehends a wanted criminal and then demands the $ 10,000 reward offered by Crime Stoppers . Which of the following statements is true ?
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Questions Question 1 1 / 1 point An agreement to pay a lesser amount to settle an unliquidated debt is: enforceable, as there is consideration. unenforceable, as there is no consideration. enforceable in only some states. unenforceable as a violation of public policy.
Question 2 1 / 1 point What phrase is critical to the validity of a requirements contract?
Question 3 1 / 1 point In January, Alex promised to pay Y­K Inc. $5,000 if it would refrain from filing suit against him on a breach of contract action. Y­K agreed and accepted a $5,000 check from Alex. Which of the following statements is correct?
Question 4 1 / 1 point Zero, Inc. agreed to build Millie a storage building for $8,000. After beginning the project, Zero realized that it could not complete the job and make a profit. Zero demanded $9,500 to complete the building. Millie agreed to pay the $9,500. When the project was complete, Millie tendered $8,000 to Zero for the job. If Zero sues Millie for the remaining $1,500:

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