Kubasek Consideration Quiz
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What constitutes valid consideration? | A benefit to the promisor, A detriment to the promisee, A promise to refrain from doing something
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| 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
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| A(n) __________ contract is an agreement whereby the buyer agrees to purchase all of his goods from one seller. | Requirements contract
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| A(n) ___________ contract is an agreement whereby the seller guarantees to sell everything she produces to one buyer. | Output contract
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| In a(n) __________ debt, there is no dispute about the fact that money is owed, and the amount of money owed. | Liquidated
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| 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
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| 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.
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| 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.
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| __________ 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
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Created by:
tinafici
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