Contract Questions

A b c d why is nominal consideration usually not

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Unformatted text preview: he risked his life to save Jane. d. the jogger is entitled to the money since he justifiably relied on the promise. 561. a. b. c. Who makes the offer in an auction? Auctioneer Persons attending auction Owner of the item for sale 562. Why does it matter whether or not a contracting party is an Article 2 merchant? a. Because this is the test for determining whether Article 2 applies. b. c. d. Because contracts between merchants are covered by the Restatement (Second) of Contracts rather than by Article 2 of the UCC. Because Article 2 sometimes creates different rules for merchants in sale-of-goods cases. Actually, the term merchant has little or no practical significance. 563. a. b. c. d. Why is past consideration not consideration? Because it is not bargained-for exchange Because of the “pre-existing duty” rule Because past consideration is not legal value Because past consideration is not liquidated 564. a. b. c. d. Why is nominal consideration usually not consideration? Because it is inadequate legal value for the legal value received in exchange Because it is illusory Because it suggests the...
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This test prep was uploaded on 03/29/2014 for the course BUL 3130 taught by Professor Schupp during the Fall '12 term at UNF.

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