The Law of Contracts and the Uniform Commercial Code 2nd Edition by Pamela Tepper - Test Bank

The Law of Contracts and the Uniform Commercial Code 2nd Edition by Pamela Tepper – Test Bank

 

Instant Download – Complete Test Bank With Answers

 

 

Sample Questions Are Posted Below

 

Chapter 4 – Consideration: The Value for the Promise

 

TRUE/FALSE

 

1. Consideration is the value paid for the promise.
2. True
3. False

 

ANS:  T                    PTS:   1

 

2. Consideration can only consist of money.
3. True
4. False

 

ANS:  F                    PTS:   1

 

3. For consideration to exist there must be a legal detriment or legal benefit.
4. True
5. False

 

ANS:  T                    PTS:   1

 

4. Services cannot be used for consideration.
5. True
6. False

 

ANS:  F                    PTS:   1

 

5. Promise of a gift is enforceable as valid consideration.
6. True
7. False

 

ANS:  F                    PTS:   1

 

6. When a party has a preexisting duty, there is a bargained for exchange.
7. True
8. False

 

ANS:  F                    PTS:   1

 

7. All contracts must have consideration to be enforceable.
8. True
9. False

 

ANS:  F                    PTS:   1

 

8. Promissory estoppel focuses on principles of fairness and justice.
9. True
10. False

 

ANS:  T                    PTS:   1

 

9. Once a statute of limitation passes, a party cannot validly exercise their rights.
10. True
11. False

 

ANS:  T                    PTS:   1

 

10. When consideration is in dispute an accord and satisfaction can be executed.
11. True
12. False

 

ANS:  T                    PTS:   1

 

MULTIPLE CHOICE

 

1. Consideration consists of either __________.

a.	A benefit	c.	All of the above
b.	A detriment	d.	None of the above

 

 

ANS:  C                    PTS:   1

 

2. For consideration to exist the value must be __________.

a.	Legal	c.	Preexisting
b.	Illusory	d.	Substantial

 

 

ANS:  A                    PTS:   1

 

3. Consideration may be __________.

a.	Services	c.	Property
b.	Forbearance	d.	All of the above

 

 

ANS:  D                    PTS:   1

 

4. A promise that gives a false impression of a contract is __________.

a.	Illusory	c.	Preexisting duty
b.	Unconscionable	d.	Consideration

 

 

ANS:  A                    PTS:   1

 

5. A past moral obligation is unsupported by consideration, and __________.

a.	Enforceable	c.	Illegal
b.	Unenforceable	d.	Unjust

 

 

ANS:  B                    PTS:   1

 

6. The doctrine of promissory estoppel focuses on __________.

a.	Fairness	c.	All of the above
b.	Justice	d.	None of the above

 

 

ANS:  C                    PTS:   1

 

7. One of the keys to finding promissory estoppel in a contract is __________.

a.	Foreseeability	c.	Detriment
b.	Reliance	d.	a and b

 

 

ANS:  D                    PTS:   1

 

8. The time period in which a party must file a lawsuit __________.

a.	Cause of action	c.	Statute of limitations
b.	Accord	d.	Compromise

 

 

ANS:  C                    PTS:   1

 

9. A claim for a specific sum is __________.

a.	Unliquidated	c.	Penal
b.	Liquidated	d.	Unconscionable

 

 

ANS:  B                    PTS:   1

 

10. A compromise and settlement agreement can also be known as __________.

a.	Accord	c.	Accord and satisfaction
b.	Satisfaction	d.	Compromise

 

 

ANS:  C                    PTS:   1

 

MATCHING

 

 

a.	gift
b.	preexisting duty
c.	consideration
d.	statute of limitations
e.	legal benefit
f.	illusory promise
g.	past consideration
h.	legal detriment
i.	promissory estoppel
j.	value

 

 

1. A prior existing promise made for some future act.

 

2. Services, money, property, or acts of forbearance constituting forms of consideration.

 

3. Tune period in which a lawsuit must be filed.

 

4. A prior responsibility to act or not act on doing something.

 

5. A benefit to the promisor or detriment to the promisee bargained for and given in exchange for a promise.

 

6. A promise by one party with no exchange of value.

 

7. When a party sacrifices something in a transaction.

 

8. A promise which reasonably induces action on the part of the promisee and such enforcement would be unjust.

 

9. Promise that gives the false impression of a contract.

 

10. When a party gains something in a transaction.

 

1. ANS:  G                    PTS:   1

 

2. ANS:  J                     PTS:   1

 

3. ANS:  D                    PTS:   1

 

4. ANS:  B                    PTS:   1

 

5. ANS:  C                    PTS:   1

 

6. ANS:  A                    PTS:   1

 

7. ANS:  H                    PTS:   1

 

8. ANS:  I                     PTS:   1

 

9. ANS:  F                    PTS:   1

 

10. ANS:  E                    PTS:   1