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Business Law Ch 12 Part I
Test Description: Good Luck!
Instructions: Answer all questions to get your test result.
1) For consideration to have “legally sufficient value,” it must con¬sist of goods or money.
A
true
B
false
2) A promise by one party to pay another for refraining from an act is enforceable.
A
false
B
true
3) A transaction that lacks a bargained-for exchange lacks an element of consideration.
A
false
B
true
4) Parties are not generally free to bargain as they wish.
A
true
B
false
5) Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.
A
false
B
true
6) Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract.
A
true
B
false
7) A promise to do what one already has a legal duty to do is legally sufficient consideration.
A
false
B
true
8) A promise to pay for an act that has yet to occur is unenforceable.
A
false
B
true
9) An illusory promise is a promise that is enforceable without consideration.
A
false
B
true
10) A covenant not to sue is against public policy.
A
false
B
true
11) The doctrine of promissory estoppel does not apply if there is a clear and definite promise.
A
true
B
false
12) 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
not required to pay, because obtaining a degree benefits Jon
B
required to pay, because a job can be hard to find after college
C
required to pay, because Jon obtained a degree at Ivy
D
not required to pay, because Jon was already at Ivy
*select an answer for all questions
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