Self Check Chapter 12 Quiz (WK4)

Self Check Chapter 12 Quiz (WK4) - Self Check Chapter 12...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Self Check Chapter 12 Quiz (WK4) 1 In order to be considered "consideration", a promise or act must have monetary  (economic) value. A) True B) False 2 If a promisor does not ask for anything in exchange, the promise is not enforceable. A) True B) False 3 If a contract permits one party to cancel the agreement in the event of a labor strike the  contract is unenforceable as illusory. A) True B) False 4 Promissory estoppel may be used as a substitute for consideration. A) True B) False 5 An agreement to dismiss a lawsuit can be valid consideration for a return promise to  pay money. A) True B) False 6 Annie and Stephanie have a contract in which Annie was obligated to sell Stephanie  100 pieces of a certain apparel item for $22/piece. Later, Annie and Stephanie agreed  that Stephanie would instead pay $25/piece. This modification of the contract is  probably: A) Enforceable based upon the parties' reasonable expectations. B) Enforceable, since it was communicated C) Unenforceable, since it was not promissory. D) Unenforceable, since it lacks consideration. 7 Anne entered a contract with Bill for Bill to construct a house on Anne's land for  $100,000. Shortly before the project was completed, a small plane crashed into the 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
house. The kitchen and family room were destroyed. Bill told Anne that he would rebuild  the two rooms, but only if Anne agreed to pay him an additional $25,000. Anne agreed,  but later paid Baker only the $100,000 of the original agreement. Which of the following 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/08/2010 for the course MG 260DLB taught by Professor Brentgilje during the Fall '09 term at Park.

Page1 / 6

Self Check Chapter 12 Quiz (WK4) - Self Check Chapter 12...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online