Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during the spring semester in exchange

Consideration is optional in every contract. 
FALSE

In a bilateral contract, the consideration for a promise is a completed act. 
FALSE

An exception to the rule requiring consideration is promissory estoppel. 
TRUE

An illusory promise is not a consideration. 
TRUE

As a general rule, past consideration qualifies as consideration. 
FALSE

In some cases, if past consideration was given with expectation of future payment, the court may enforce the promise. 
TRUE

A promise to do something that you are already obligated to do is generally a valid consideration. 
FALSE

The UCC permits requirement, but not output, contracts for the sale of goods. 
FALSE

Partial payment of a debt may or may not be valid consideration, depending on whether the debt is liquidated or unliquidated. 
TRUE

A liquidated debt may be the subject of an accord and satisfaction. 
FALSE

Which of the following is what a person will receive in return for performing a contract obligation? 
A. Consideration
B. Acknowledgement
C. Approval
D. Accord
E. Accession

Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during the spring semester in exchange for having his tuition paid for the fall semester. The uncle agrees; but after Sam has lost 10 pounds and exercised all semester, Bob refuses to pay saying that no contract existed. Which of the following is true? 
A. Consideration was present, there was an enforceable contract, and Bob has wrongfully refused to pay.
B. There was no consideration present, and Bob has no obligation to pay.
C. There was no consideration present, but Bob must pay under principles of promissory estoppels.
D. There was consideration present, but Bob is not required to pay because the contract was illusory.
E. There was consideration present, but Bob is not required to pay because Bob did not receive a benefit personally.