click below
click below
Normal Size Small Size show me how
Consideration quiz
Kubasek Consideration Quiz
Question | Answer |
---|---|
What constitutes valid consideration? | A benefit to the promisor, A detriment to the promisee, A promise to refrain from doing something |
Which of the following is recognized rule of consideration? | A promise to be enforced by the court, there must be consideration. Courts rarely consider the adequacy of consideration. Past consideration is not consideration at all. A promise to do something that you are already Obligation is not valid consideratio |
A(n) __________ contract is an agreement whereby the buyer agrees to purchase all of his goods from one seller. | Requirements contract |
A(n) ___________ contract is an agreement whereby the seller guarantees to sell everything she produces to one buyer. | Output contract |
In a(n) __________ debt, there is no dispute about the fact that money is owed, and the amount of money owed. | Liquidated |
In a(n) __________ debt, the parties either dispute the fact that any money is owed, or agree that some money is owed but dispute the amount. | Unliquidated |
All of the following are requirements necessary for an "accord and satisfaction" to be enforceable, | The debt is unliquidated. The creditor agrees to accept as full payment less than the creditor claims is owed. The debtor pays the amount he/she has agreed to pay. |
In an "accord and satisfaction," | The "accord" is the new agreement to pay less than the creditor claims, and the "satisfaction" is the payment, by the debtor, of the reduced amount. |
__________ occurs when one party makes a promise knowing the other party will rely on it, the other party does rely on it, and the only way to avoid injustice is to enforce the promise. | Promissory estoppel |