Chap009 - Chapter 009 : Consideration Student: _ 1....

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 009 : Consideration Student: ___________________________________________________________________________ 1. Consideration in a contract may be more than just the promises exchanged by the parties, but the actual benefit gained and the detriment suffered by them. BT: Knowledge PO: 1 True False 2. The promisor may make a promise to pay a sum of money to the promisee for the performance of a certain act. BT: Knowledge PO: 1 True False 3. A valid contract may exist even if the consideration is a promise to perform an illegal act, or to avoid performing an act that is legally required to be performed. BT: Knowledge PO: 2 True False 4. In general, courts do not attempt to judge the adequacy of consideration. BT: Knowledge PO: 2 True False 5. Sometimes the unequal bargaining power of parties to a contract gives one party an unfair advantage when dealing with those who lack the economic power to enter into a contract on an equal footing. BT: Knowledge PO: 2 True False
Background image of page 1

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

View Full DocumentRight Arrow Icon
6. Contracts in which the parties have unequal bargaining power are known as unconscionable contracts. BT: Comprehension PO: 2 True False 7. Consideration required in an enforceable contract can take various forms such as exchange of promises, forbearance, and pledges or subscriptions. BT: Knowledge PO: 3 True False 8. The most common form of valid consideration is the promise of money by one party for the promise of an act by another. BT: Knowledge PO: 3 True False 9. The exchange of money is a mandatory requirement for a consideration. BT: Knowledge PO: 3 True False 10. Many contracts in which part of the consideration is forbearance involve agreements to compete. BT: Knowledge PO: 3 True False 11. If the consideration of not to compete is lacking in an agreement, then the contract is unenforceable. BT: Knowledge PO: 3 True False 12. A pledge or a subscription, which is a promise to donate money, is unenforceable. BT: Knowledge PO: 3 True False
Background image of page 2
13. With regard to pledges and subscriptions, some courts have held that the consideration given by a charitable institution is the promise to use the money for the purpose for which it was donated. BT: Knowledge PO: 3 True False 14. The Uniform Commercial Code dispenses with the requirement of consideration in certain contracts that involve a merchant's written firm offer that provides that the contract is irrevocable. BT: Knowledge PO: 4 True False 15. Statutes, in some states, have permitted a person who has a claim against another to give up, or release, his or her claim without an exchange of consideration by making a written statement to that effect. BT: Knowledge PO: 5 True False 16. Contracts based on moral consideration are generally enforceable. BT: Knowledge
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

Chap009 - Chapter 009 : Consideration Student: _ 1....

This preview shows document pages 1 - 4. Sign up to view the full document.

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