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Exam 4: Consideration: the Value for the Promise

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Question 1

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Premises

Responses

A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise.

illusory promise

A prior responsibility to act or not act on doing something.

legal detriment

A promise by one party with no exchange of value.

Value

Tune period in which a lawsuit must be filed.

preexisting duty

Promise that gives the false impression of a contract.

past consideration

Services, money, property, or acts of forbearance constituting forms of consideration.

legal benefit

When a party sacrifices something in a transaction.

g I f t

A prior existing promise made for some future act.

promissory estoppel

When a party gains something in a transaction.

statute of limitations

A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

consideration

Premises

A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise.

A prior responsibility to act or not act on doing something.

A promise by one party with no exchange of value.

Tune period in which a lawsuit must be filed.

Promise that gives the false impression of a contract.

Services, money, property, or acts of forbearance constituting forms of consideration.

When a party sacrifices something in a transaction.

A prior existing promise made for some future act.

When a party gains something in a transaction.

A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Responses

illusory promise

legal detriment

Value

preexisting duty

past consideration

legal benefit

g I f t

promissory estoppel

statute of limitations

consideration

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Correct Answer

Premises

Responses

A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise.

A prior responsibility to act or not act on doing something.

A promise by one party with no exchange of value.

Tune period in which a lawsuit must be filed.

Promise that gives the false impression of a contract.

Services, money, property, or acts of forbearance constituting forms of consideration.

When a party sacrifices something in a transaction.

A prior existing promise made for some future act.

When a party gains something in a transaction.

A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Premises

A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise.

A prior responsibility to act or not act on doing something.

A promise by one party with no exchange of value.

Tune period in which a lawsuit must be filed.

Promise that gives the false impression of a contract.

Services, money, property, or acts of forbearance constituting forms of consideration.

When a party sacrifices something in a transaction.

A prior existing promise made for some future act.

When a party gains something in a transaction.

A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

Responses

Question 2

Multiple Choice

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A compromise and settlement agreement can also be known as which of the following?

A) Accord
B) Satisfaction
C) Accord and satisfaction
D) Compromise

E) A) and B)
F) A) and C)

Correct Answer

verified

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Question 3

Multiple Choice

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A claim for a specific sum is which of the following?

Services cannot be used for consideration.

All contracts must have consideration to be enforceable.

One of the keys to finding promissory estoppel in a contract is

The time period in which a party must file a lawsuit is

Promissory estoppel focuses on principles of fairness and justice.

The doctrine of promissory estoppel focuses on which of the following?

A promise that gives a false impression of a contract is

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

Consideration may be

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

Consideration can only consist of money.

Consideration is the value paid for the promise.

A past moral obligation is unsupported by consideration, and

Promise of a gift is enforceable as valid consideration.

For consideration to exist the value must be which of the following?

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

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