Chapter09_Answers - Chapter 9 Assessment Answers Matching...

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Chapter 9 Assessment Answers Matching Key Terms 1. b 4. d 7. g 10. j 2. f 5. h 8. c 3. a 6. i 9. e True/False Quiz 11. T 14. F 17. F 20. F 23. F 12. T 15. T 18. F 21. T 24. T 13. T 16. F 19. T 22. F 25. F Discussion Questions 26. If a promise of forbearance has value to one of the parties of a contract, it would satisfy the legal requirements of consideration. 27. The three characteristics of valid consideration are (1) legality of consideration, (2) adequacy of consideration, and (3) possibility of performance. An example is the case of Jones and Smith. They agreed that Jones would paint Smith’s house, and Smith would pay Jones $1,000. The legality is seen in the exchange of promises. The work to be performed was legal, the amount to be paid was adequate, and painting Smith’s house was possible for Jones. 28. In the past, the courts generally made no attempt to judge the adequacy of consideration until spurred by consumer protection statutes. Now the notions of unconscionable contracts and contracts of adhesion are more widely applied. 29.
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This note was uploaded on 04/23/2010 for the course FINA 8645 taught by Professor Smith during the Spring '10 term at Rensselaer Polytechnic Institute.

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Chapter09_Answers - Chapter 9 Assessment Answers Matching...

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