chapter 12 power point for exam 3

Question 1

Consideration?

Answer 1

Consideration is inducement to make a promise enforceable.

Question 2

Promises are enforced only where?

Answer 2

Promises are enforced only where the parties have exchanged something of value in the eye of the law.

Question 3

Gratuitous promises or gift promise

Answer 3

those made without consideration

- are generally not legally enforceable except under certain circumstances

Question 4

Undisputed debt what is it

Answer 4

is an obligation whose existence and amount are not contested.

Question 5

Disputed debt

Answer 5

is obligation whose existence or amount is contested.

Question 6

statute of limitations

Answer 6

time period within which a lawsuit must be initiated