Business Law Ch 12 Part I: Question Preview (ID: 23987)


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For consideration to have “legally sufficient value,” it must con¬sist of goods or money.
a) false b) true c) d)
A promise by one party to pay another for refraining from an act is enforceable.
a) true b) false c) d)
A transaction that lacks a bargained-for exchange lacks an element of consideration.
a) true b) false c) d)
Parties are not generally free to bargain as they wish.
a) false b) true c) d)
Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.
a) true b) false c) d)
Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract.
a) true b) false c) d)
A promise to do what one already has a legal duty to do is legally sufficient consideration.
a) false b) true c) d)
A promise to pay for an act that has yet to occur is unenforceable.
a) false b) true c) d)
An illusory promise is a promise that is enforceable without consideration.
a) false b) true c) d)
A covenant not to sue is against public policy.
a) false b) true c) d)
The doctrine of promissory estoppel does not apply if there is a clear and definite promise.
a) false b) true c) d)
Kelsey promises to pay Jon, her son, $15,000 if he obtains his degree at Ivy University, where he is currently in his second year. Jon graduates. Kelsey is
a) required to pay, because Jon obtained a degree at Ivy b) not required to pay, because Jon was already at Ivy c) not required to pay, because obtaining a degree benefits Jon d) required to pay, because a job can be hard to find after college
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