Question 1

Courts distinguish between mere gifts between parties and legally binding commitments by the element of consideration.

Accepted Answer

A) True 
 B)False

Question 2

Police Officer Paul apprehends a wanted criminal and then demands the $10,000 reward offered by Crime Stoppers.Which of the following statements is true?

Accepted Answer

A)  Police Officer Paul is not entitled to the reward because past consideration is never valid consideration.
B)  Police Officer Paul is entitled to the reward because he puts his life on the line every day.
C)  Police Officer Paul is not entitled to the reward because he was under a pre-existing duty to make the arrest.
D)  Police Officer Paul is not entitled to the reward but may have an argument under promissory estoppel.

Question 3

If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably

Accepted Answer

A)  set aside the agreement as being unfair.
B)  set aside the agreement because the consideration is inadequate.
C)  not set aside the agreement based on the adequacy of the consideration.
D)  not set aside the agreement because of the UCC.

Question 4

A completed act can be the basis for consideration.

Accepted Answer

A) True 
 B)False

Question 5

What two exceptions did the UCC create for accord and satisfaction check cases?

Accepted Answer

The first Code exception involves "organ...

Exam 13: Consideration

What two exceptions did the UCC create for accord and satisfaction check cases?

Correct Answer
verified
The first Code exception involves "organ...
View Answer

Police Officer Paul apprehends a wanted criminal and then demands the $10,000 reward offered by Crime Stoppers.Which of the following statements is true?

Correct Answer
verified

A completed act can be the basis for consideration.

Correct Answer
verified

If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably

Correct Answer
verified

Courts distinguish between mere gifts between parties and legally binding commitments by the element of consideration.

Correct Answer
verified

Exam 13: Consideration

What two exceptions did the UCC create for accord and satisfaction check cases?

Correct AnswerverifiedThe first Code exception involves "organ...View AnswerShow Answer

Police Officer Paul apprehends a wanted criminal and then demands the $10,000 reward offered by Crime Stoppers.Which of the following statements is true?

Correct AnswerverifiedShow Answer

A completed act can be the basis for consideration.

Correct AnswerverifiedShow Answer

If Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees,a court will probably

Correct AnswerverifiedShow Answer

Courts distinguish between mere gifts between parties and legally binding commitments by the element of consideration.

Correct AnswerverifiedShow Answer

Correct Answer
verified
The first Code exception involves "organ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified