Question 1

When consideration is in dispute an accord and satisfaction can be executed.

Accepted Answer

An accord and satisfaction can be executed in cases where there is a dispute over consideration. An accord is an agreement between parties to accept something other than what was originally promised, and satisfaction occurs when the agreed-upon substitute is fulfilled.

Question 2

A past moral obligation is unsupported by consideration, and&#10;A)enforceable.&#10;B)unenforceable.&#10;C)illegal.&#10;D)unjust.

Accepted Answer

A past moral obligation that is unsupported by consideration is known as a gratuitous promise, and it is generally unenforceable in court. This is because there was no exchange that took place in the past for which one party could demand performance from the other. Therefore, choice B - unenforceable - is the best option.

Question 3

All contracts must have consideration to be enforceable.

Accepted Answer

In some cases, such as promissory estoppel or contracts under seal, a contract can be enforceable without consideration.

Question 4

Consideration is the value paid for the promise.

Accepted Answer

Consideration is the value exchanged by the parties in a contract. It can be money, goods, services, or any other value that is agreed upon by the parties.

Question 5

Promissory estoppel focuses on principles of fairness and justice.

Accepted Answer

Promissory estoppel is a legal doctrine that allows a party to enforce a promise even when there is no formal contractual agreement. It is based on the principles of fairness, justice, and preventing the unjust enrichment of one party at the expense of another.

Question 6

The doctrine of promissory estoppel focuses on which of the following?&#10;A)Fairness&#10;B)Justice&#10;C)All of the above&#10;D)None of the above

Accepted Answer

The doctrine of promissory estoppel focuses on both fairness and justice. It holds people accountable for their promises and prevents them from going back on their word in situations where it would be unjust or inequitable. Therefore, option C, i.e., All of the above is the correct answer.

Question 7

A compromise and settlement agreement can also be known as which of the following?&#10;A)Accord&#10;B)Satisfaction&#10;C)Accord and satisfaction&#10;D)Compromise

Accepted Answer

A compromise and settlement agreement is often referred to as an "accord and satisfaction," because it involves an agreement to settle a dispute between parties (accord), usually involving a payment or other resolution (satisfaction). Option A is incorrect because "accord" alone refers just to the agreement, without the actual resolution. Option B is incorrect because "satisfaction" alone doesn't necessarily imply a compromise or mutual settlement. Option D is incorrect because "compromise" alone isn't specific enough to describe the legal agreement being made.

Question 8

Consideration consists of&#10;A)a benefit.&#10;B)a detriment.&#10;C)all of the above.&#10;D)none of the above.

Accepted Answer

Consideration consists of both a benefit and a detriment. Both parties involved in a contract must give up something (detriment) and gain something (benefit) in return for the contract to be legally binding.

Question 9

Once a statute of limitation passes, a party cannot validly exercise his or her rights.

Accepted Answer

After the statute of limitations for a particular claim has expired, a party generally cannot legally enforce their rights regarding that claim in court, as the statute of limitations serves as a defense for the party being sued.

Question 10

One of the keys to finding promissory estoppel in a contract is&#10;A)foreseeability.&#10;B)reliance.&#10;C)detriment.&#10;D)both a and b

Accepted Answer

Promissory estoppel requires both foreseeability and reliance. The promisor must have reasonably foreseen that the promisee would rely on the promise, and the promisee must have actually relied on the promise to his or her detriment. Therefore, the key to finding promissory estoppel in a contract is both foreseeability and reliance.

Question 11

For consideration to exist the value must be which of the following?&#10;A)Legal&#10;B)Illusory&#10;C)Preexisting&#10;D)Substantial

Accepted Answer

The answer of For consideration to exist the value must...

Question 12

Consideration may be&#10;A)services.&#10;B)forbearance.&#10;C)property.&#10;D)all of the above.

Accepted Answer

The answer of Consideration may be&#10;A)services.&#10;B)forbearance.&#10;C)property.&#10;D)all of the above....

Question 13

For consideration to exist there must be a legal detriment or legal benefit.

Accepted Answer

The answer of For consideration to exist there must be...

Question 14

Consideration can only consist of money.

Accepted Answer

The answer of Consideration can only consist of money....

Question 15

Services cannot be used for consideration.

Accepted Answer

The answer of Services cannot be used for consideration....

Question 16

A promise that gives a false impression of a contract is&#10;A)illusory.&#10;B)unconscionable.&#10;C)preexisting duty.&#10;D)consideration.

Accepted Answer

The answer of A promise that gives a false impression...

Question 17

Promise of a gift is enforceable as valid consideration.

Accepted Answer

The answer of Promise of a gift is enforceable as...

Question 18

When a party has a preexisting duty, there is a bargained for exchange.

Accepted Answer

The answer of When a party has a preexisting duty,...

Question 19

A claim for a specific sum is which of the following?&#10;A)Unliquidated&#10;B)Liquidated&#10;C)Penal&#10;D)Unconscionable

Accepted Answer

The answer of A claim for a specific sum is...

Question 20

The time period in which a party must file a lawsuit is&#10;A)a cause of action.&#10;B)an accord.&#10;C)the statute of limitations.&#10;D)a compromise.

Accepted Answer

The answer of The time period in which a party...

Question 21

Match between columns&#10;                        Premises: A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A prior responsibility to act or not act on doing something. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;A promise by one party with no exchange of value. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Tune period in which a lawsuit must be filed. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Promise that gives the false impression of a contract. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;Services, money, property, or acts of forbearance constituting forms of consideration. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;When a party sacrifices something in a transaction. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;A prior existing promise made for some future act. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;When a party gains something in a transaction. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust. &#10;A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Accepted Answer

The Answer of past consideration and Value and statute of is...

Deck 4: Consideration: the Value for the Promise