Which of the following would not be considered an example of consideration?
A. A promise to stay in a job until a particular project is completed.
B. A promise to your football coach to refrain from riding your motorcycle during football season even though you love riding it.
C. A promise to cook dinner for your roommate for the next six months.
D. A promise to stop drinking alcohol during exam week.
E. A promise to pay your employees as required by law.
A. A promise to stay in a job until a particular project is completed.
B. A promise to your football coach to refrain from riding your motorcycle during football season even though you love riding it.
C. A promise to cook dinner for your roommate for the next six months.
D. A promise to stop drinking alcohol during exam week.
E. A promise to pay your employees as required by law.
Which of the following is true regarding the adequacy of consideration?
A. Courts generally consider the adequacy of consideration in determining whether to enforce a contract.
B. Courts consider the adequacy of consideration only if something is sold for less than 90% of its market value.
C. Courts consider the adequacy of consideration only if something is sold for less than 80% of its market value.
D. Courts consider the adequacy of consideration only if something is sold for less than 70% of its market value.
E. Courts seldom consider the adequacy of consideration but will do so if fraud is involved.
A. Courts generally consider the adequacy of consideration in determining whether to enforce a contract.
B. Courts consider the adequacy of consideration only if something is sold for less than 90% of its market value.
C. Courts consider the adequacy of consideration only if something is sold for less than 80% of its market value.
D. Courts consider the adequacy of consideration only if something is sold for less than 70% of its market value.
E. Courts seldom consider the adequacy of consideration but will do so if fraud is involved.
As discussed in the case of Double AA builders, Ltd. v. Grand State Construction L.L.C., which of the following may be used to necessitate that a subcontractor perform according to the terms of its bid because the contractor has relied on the subcontractor's bid?
A. Consideration
B. Primary consideration
C. Promissory estoppel
D. Reality estoppel
E. Secondary consideration
A. Consideration
B. Primary consideration
C. Promissory estoppel
D. Reality estoppel
E. Secondary consideration
Which of the following is false under the law in England?
A. England has requirements for consideration.
B. England does not recognize the exception of promissory estoppel.
C. In England, specialty contracts or deeds are an additional exception to the requirement for consideration.
D. In England, deeds are used to create enforceable promises of gifts to charity.
E. In England, a deed is a document that creates a binding obligation between parties without consideration when certain formalities are honored.
A. England has requirements for consideration.
B. England does not recognize the exception of promissory estoppel.
C. In England, specialty contracts or deeds are an additional exception to the requirement for consideration.
D. In England, deeds are used to create enforceable promises of gifts to charity.
E. In England, a deed is a document that creates a binding obligation between parties without consideration when certain formalities are honored.
Which of the following is true regarding illusory promises?
A. Illusory promises are not consideration.
B. Illusory promises are consideration.
C. Illusory promises qualify as consideration only when past consideration is at issue.
D. Illusory promises qualify as consideration only when promissory estoppel is at issue.
E. Illusory promises are consideration only when a sale of goods is involved.
A. Illusory promises are not consideration.
B. Illusory promises are consideration.
C. Illusory promises qualify as consideration only when past consideration is at issue.
D. Illusory promises qualify as consideration only when promissory estoppel is at issue.
E. Illusory promises are consideration only when a sale of goods is involved.
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