Consideration is what the promisor demands and generally must receive in order to make his or her promise legally binding against him or her.

Under the UCC once a merchant makes a firm offer to buy or sell goods, the merchant must keep the offer open for

A promise to not do something that has already been performed is

Derrick, a merchant, offers in writing to sell another merchant, Garry, 25 handmade, wrought iron patio furniture sets.Although no payment or other consideration was given, under the UCC Derrick must honor this

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property

When Marty agrees to take possession of her uncle's gift to her, Marty becomes a(n)

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property

Dwight signed a contract to begin his own home-based business to distribute health care products. The clause at the end of the distributor agreement gives him or the parent company the right to end the contract for any reason. This clause is an example of a(n)

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property

Under the UCC once a merchant makes a firm offer to buy or sell goods, the merchant must keep the offer open for

When consideration is provided to keep an offer open, it creates

duress, mutual mistake, and fraud

Yes, the parties are legally bound. Mary, as a representative of Staffing Source, has promised to train and then place

Which of the following is not consideration?

exist; therefore, the contract is enforceable against the parties.

The statute of limitations specifies

the time limit for bringing a lawsuit based on a claim

After several months of unsuccessfully locating a new job, Lily contacts Staffing Source, an employment counseling

No. Luisa is not due any additional consideration. Carol covered as required during Luisa's time at the beach.

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will pays 75% of the amount the bank believes it is due, the debt will be canceled. This agreement is termed an

duress, mutual mistake, and fraud

The payment of money for the release of an unliquidated tort claim is adequate consideration to make the release

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property

If a contract contains a clause that allows you to escape the legal obligation, the promise is said to be

after Luisa arrived at the beach, she returned home due to a hurricane coming ashore. She resumed her babysitting

exchange, Carol promised to cover Luisa's babysitting job for two weeks in June so she could go to the beach. A day

and job placement agency. After completing a battery of tests, Lily meets with Mary, an employment counselor with

The specific time limit for bringing a lawsuit is set down in the statute of

As the value different individuals put on an object or a performance may vary greatly, the courts typically do not

the time limit for bringing a lawsuit based on a claim

that the debt exists and on the amount of the debt

Agreeing not to exercise a legal right is what form of consideration?

An important exception to the general rule that mutual consideration is necessary for a valid contract or binding

that the debt exists and on the amount of the debt

Dahlia's Bakery produces a wide variety of cookies, cakes, and pastries. If Dahlia agrees to supply all the pastries a particular restaurant needs, what has she created?

after Luisa arrived at the beach, she returned home due to a hurricane coming ashore. She resumed her babysitting

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property for "one dollar ($1) and other good and valuable consideration." This type of consideration is referred to as

that the debt exists and on the amount of the debt

A big difference in economic value of what one gives and receives may be evidence of

duress, mutual mistake, and fraud

and job placement agency. After completing a battery of tests, Lily meets with Mary, an employment counselor with

As the value different individuals put on an object or a performance may vary greatly, the courts typically do not

An important exception to the general rule that mutual consideration is necessary for a valid contract or binding promise is

Yes, the parties are legally bound. Mary, as a representative of Staffing Source, has promised to train and then place

The payment of money for the release of an unliquidated tort claim is adequate consideration to make the release

A liquidated debt is one where the parties agree

that the debt exists and on the amount of the debt

traded something of value. That is, Mary is trading her expertise and time; Lilly is trading money. Consideration does

When buyers agree to purchase all of a particular producer's production, it is called

exchange, Carol promised to cover Luisa's babysitting job for two weeks in June so she could go to the beach. A day

duress, mutual mistake, and fraud

What are the three possible forms of consideration?

an act of forbearance or a promise

The statement at the end of the contract reads, "Either party can cancel this agreement for any of the above stated reasons provided that 30 day's written notice is given to the other party." This is the ____________________ of the

Under the UCC once a merchant makes a firm offer to buy or sell goods, the merchant must keep the offer open for as long as is stipulated in the offer but no longer than

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will

an act of forbearance or a promise

Derrick, a merchant, offers in writing to sell another merchant, Garry, 25 handmade, wrought iron patio furniture sets.Although no payment or other consideration was given, under the UCC Derrick must honor this ____________________ for a certain period of time not to exceed three months.

Under the UCC once a merchant makes a firm offer to buy or sell goods, the merchant must keep the offer open for

duress, mutual mistake, and fraud

The statement at the end of the contract reads, "Either party can cancel this agreement for any of the above stated reasons provided that 30 day's written notice is given to the other party." This is the ____________________ of the contract

After several months of unsuccessfully locating a new job, Lily contacts Staffing Source, an employment counseling

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will

The person receiving a gift is legally known as the ____________________.

an act of forbearance or a promise

Will disagrees with his bank over the money due to pay off a loan. After some negotiations, they agree that if Will

Heath cannot afford to purchase a new refrigerator, but his brother, Jim, agrees to purchase the $800 refrigerator for Heath as long as Heath pays Jim $100 a month for the next eight months. Under this arrangement since Heath owes Jim $800, Jim is the creditor and Heath is the____________________.

exist; therefore, the contract is enforceable against the parties.

Under the doctrine of ____________________ obligors can be denied the legal ability to show in court that they did not receive consideration for their promises. Therefore, the court can enforce those promises against them.

Luisa combined her and Carol's babysitting jobs for two weeks in January so Carol could go on a skiing trip. In

Lily in a job. Lily has promised to pay 5 percent of her new annual salary for Mary's contribution. Both parties have

Sergio accidentally wrecked Gustavo's car. Both parties agreed that Sergio owed Gustavo $4800 as a consequence. Because both parties agree on the fact that the debt exists and on the amount of that debt, this is an example of a(n) ____________________ debt.

Luisa combined her and Carol's babysitting jobs for two weeks in January so Carol could go on a skiing trip. In

Yes, the parties are legally bound. Mary, as a representative of Staffing Source, has promised to train and then place

If the consideration received by one of the parties to the contract is so grossly inadequate that it shocks the

After several months of unsuccessfully locating a new job, Lily contacts Staffing Source, an employment counseling and job placement agency. After completing a battery of tests, Lily meets with Mary, an employment counselor with Staffing Source. Mary states she can assist Lily in improving her skills and then place her in a job that matches her skills. Lily signs a written agreement in which she agrees to the training and program. Once she is placed in a job, Lily will pay the employment counselor 5 percent of her new annual salary within 90 days from the commencement of her new job. Two weeks later, Mary locates a job for Lily that will pay her $24,000 annually. Lily accepts the position. Are both parties legally bound? Why or why not?

Yes, the parties are legally bound. Mary, as a representative of Staffing Source, has promised to train and then place Lily in a job. Lily has promised to pay 5 percent of her new annual salary for Mary's contribution. Both parties have traded something of value. That is, Mary is trading her expertise and time~ Lilly is trading money. Consideration does exist~ therefore, the contract is enforceable against the parties.

Luisa combined her and Carol's babysitting jobs for two weeks in January so Carol could go on a skiing trip. In exchange, Carol promised to cover Luisa's babysitting job for two weeks in June so she could go to the beach. A day after Luisa arrived at the beach, she returned home due to a hurricane coming ashore. She resumed her babysitting job once home. Is Luisa due some other form of consideration? Explain your answer

No. Luisa is not due any additional consideration. Carol covered as required during Luisa's time at the beach.

Marissa agrees to purchase Danny's land. Both parties sign the contract, which states she will purchase the property

Business law Chapter 8 Review

Authored by Lisa Woods

Business

12th Grade

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41 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally, what the parties give and get as consideration need to be of equal economic value.

False

True

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally, a promise to make a gift is enforceable.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Although a promise to perform an existing private duty cannot be consideration, a similar promise to perform an existing public duty can be consideration.

False

True

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A promise to make a gift to a charitable organization can be made enforceable by the charity sending a written request for the money to the potential donor within 30 days.

False

True

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A promise unsupported by consideration is generally unenforceable.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party

False

True

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a contract's termination clause gives a party the right to terminate for any reason whatsoever, that party's promise to perform would be illusory and non-binding as consideration.

False

True

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Business law Chapter 8 Review

Generally, what the parties give and get as consideration need to be of equal economic value.

Generally, a promise to make a gift is enforceable.

Although a promise to perform an existing private duty cannot be consideration, a similar promise to perform an existing public duty can be consideration.

A promise to make a gift to a charitable organization can be made enforceable by the charity sending a written request for the money to the potential donor within 30 days.

A promise unsupported by consideration is generally unenforceable.

Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party

If a contract's termination clause gives a party the right to terminate for any reason whatsoever, that party's promise to perform would be illusory and non-binding as consideration.

Consideration is what the promisor demands and generally must receive in order to make his or her promise legally binding against him or her.

The payment of money for the release of an unliquidated tort claim is adequate consideration to make the release enforceable

A debt discharged through the debtor's bankruptcy proceeding can be reaffirmed by the debtor without any additional consideration for the subsequent promise to repay.

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