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Consideration quiz

Kubasek Consideration Quiz

QuestionAnswer
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
Created by: tinafici