Question 27 of 50

What are the two fundamental parts that consideration is often broken down into for a contract to be valid?

What is the legal term for the act of refraining from an action that one has a legal right to undertake, which can constitute legally sufficient value for consideration?

In the classic case of Hamer v. Sidway, what specific amount did the elder William E. Story promise to pay his nephew if he refrained from certain activities until he was twenty-one?

According to the court's reasoning in Hamer v. Sidway, what constituted legally sufficient consideration from the nephew?

What is the primary factor that distinguishes a contract from a gift?

In Barfield v. Commerce Bank, N.A., how did the court define the transaction when the Barfields proposed to exchange a large-denomination bill for smaller ones?

Under what circumstance will a court most likely question the adequacy of consideration in a contract?

What is the general rule regarding a promise to do something that one already has a legal duty to do?

What is the legal term for promises made in return for actions or events that have already taken place?

In the case of Blackmon v. Iverson, what percentage of merchandising proceeds did Allen Iverson promise to give Jamil Blackmon?

Why did the court in Blackmon v. Iverson rule that Iverson's promise to pay Blackmon was unenforceable?

If a corporate president tells employees, 'if profits continue to remain high, a 10 percent bonus at the end of the year will be given—if management thinks it is warranted,' what type of promise has been made?

What is required for the settlement of a claim through accord and satisfaction?

Which of the following describes a liquidated debt?

What is the key difference between a release and a covenant not to sue?

Which doctrine allows a person who has reasonably and substantially relied on the promise of another to obtain some measure of recovery, even if the promise lacks consideration?

Which of the following is NOT a required element for a claim of promissory estoppel?

A debtor's promise to pay a debt, even though recovery is barred by the statute of limitations, has what legal effect?

If a construction contractor, bound by contract, runs into extraordinary, unforeseen difficulties and the owner agrees to pay extra compensation, how might a court treat this new agreement?

What is the term for the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made?

Which of the following would NOT be considered something of 'legally sufficient value' to support a contract?

If a person sends a check for a lesser amount than a creditor claims is owed on an unliquidated debt, and writes 'payment in full' on the check, what is the legal effect if the creditor cashes the check?

Modern courts may enforce charitable subscriptions, which are promises to make gifts, under which legal doctrine?

In the example of an option-to-cancel clause where Abe reserves the right to cancel his contract to hire Chris at any time after Chris has begun performance by giving thirty days' notice, why is the promise NOT illusory?

A contract in which a buyer agrees to purchase all of the goods of a designated type that they need from a particular seller is known as what?

If Elsie, a real estate agent, sells her friend Judy's house without charging a commission, and Judy later says, 'In return for your generous act, I will pay you $3,000,' why is Judy's promise unenforceable?

In the example where a contractor mistakenly bids on a project due to an addition error, a court may allow the contract to be rescinded if the mistake was mathematical, inadvertent, and what other condition is met?

A court may allow an exception to the preexisting duty rule for unforeseen difficulties, but it will usually assert the rule if the difficulties involve what?

If a contract's terms express such uncertainty of performance that the promisor has not definitely promised to do anything, the promise is said to be what?

When two parties mutually agree to cancel a contract and make a new one at the same time, when would the new contract be invalid for lack of consideration?

Which of the following promises may be enforceable despite the lack of consideration?

If an oral contract for lifetime employment is formed, why does it generally NOT fall under the one-year rule of the Statute of Frauds?

Which of the following is an example of an unliquidated debt?

An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim is known as a:

Why is a promise to pay for an act that has already occurred generally unenforceable?

If a contract contains an option-to-cancel clause that allows the promisor to cancel at any time before performance begins, the promise is considered:

A promise to perform an action that one is otherwise not obligated to undertake constitutes what component of consideration?

If a debt is liquidated, why is a creditor's acceptance of a lesser sum than the entire amount not considered satisfaction of the debt?

An agreement in which a buyer agrees to purchase from a seller all of what the seller produces is known as what kind of contract?

To apply the doctrine of promissory estoppel, the promisee's reliance must have been definite and have resulted in what?

Which of the following scenarios best illustrates a bargained-for exchange?

If an elderly person sells a car worth over 50,000 dollars to a neighbor for 5,000 dollars, what might this gross disparity in value indicate to a court?

If a debtor makes a partial payment on a debt that is already barred by the statute of limitations, what is the legal effect of this action?

The doctrine that is based on the theory that individuals should not be allowed to profit or enrich themselves inequitably at the expense of others is called:

A contractor agrees to build a house for a fixed price. During the project, the cost of lumber doubles due to a nationwide shortage, making the project unprofitable. The contractor demands extra payment, which the owner agrees to. Is the owner's promise to pay more enforceable?

Which of the following would be an example of valid consideration for a promise?

If two parties have a contract for the sale of a unique painting and later mutually agree to cancel the contract before either has performed, what consideration supports the cancellation (rescission) agreement?

Why are courts generally hesitant to evaluate the adequacy of consideration?

In a requirements contract where the quantity is not specified, how is the potential for an illusory promise avoided?