Consideration

Question 1

Somebody is saved by another individual to which because of this act is being promised for compensation. What role does is fit?

Answer 1

This is the material benefit rule. The material benefit roll Will enforce a promise if one. It is based on a material benefit that was previously conferred by the promisee on the promisor, and 2. The promise he did not intend to confirm the benefit as a gift. Look for things that are performances which run requested but we’re emergent.

Question 2

When does a conditional promise to come unenforceable?

Answer 2

If the condition is entirely within the prime source control. This promise will be deemed illusory. The reason why consideration fails is because the agreement lax mutual meet you Alex because it needs to exist on both sides of the contract.

Question 3

What can substitute consideration?

Answer 3

Promissory estoppel can substitute for consideration. This is because it’s used to prevent injustice.

Question 4

When can I am a claim of promise not to Sue considered to be valuable consideration?

Answer 4

The claim is valid or the claimant reasonably and in good faith believe the claim is valid.

Question 5

What is a surety contract?

Answer 5

Yes deals with I promise to pay the debt of another. It’s not enforceable unless it is supported by consideration. If the Shorty is compensated the requirement of consideration is not much of an issue because the compensation will service consideration for the shirt is promise. Timing should be focused on when considered learn or not there’s consideration.

Question 6

When does a promise to choose a alternative Play consideration and become illusory?

Answer 6

The promise or retains the power of select an alternative without legal detriment

Question 7

Will courts of law inquire into the adequacy of consideration?

Answer 7

No, court in equity mean choir and is the relative values and tonight a remedy if they find a contract to be unconscionable.

Question 8

What are the requirements for a bargained for exchange consideration?

Answer 8

There must be a bargain for exchange between the parties and that which is bargained for must be considered of legal value or, as it is traditionally stated, it must constitute a benefit to the promisor or attachment to promisee
.

Question 9

What does it mean when agreement blacks mutuality?

Answer 9

The individual has become bound but the other has not.

Question 10

Is a promise with an unqualified right to cancel or withdraw at any point illusory?

Answer 10

Yes

Question 11

Does a agreement requires economic value to be considered valuable consideration?

Answer 11

no

Question 12

What is a bargain for changing a legal position between the parties known as?

Answer 12

Valuable consideration

Question 13

What is valuable consideration?

Answer 13

It is a factor of the probably formed executory bilateral contract.

Question 14

What is an illusory promise?

Answer 14

A promise wherethe promisor is not valid to perform

Question 15

What type of value most valuable consideration have?

Answer 15

Legal value

Question 16

What is a legal detriment?

Answer 16

Illegal detriment is something that an individual is under no legal obligation to do order when someone refrain from doing something that they have a legal right to do.

Question 17

Under UC see article 2 what standard is apply that allows modification of a sales contract without additional consideration?

Answer 17

Good faith

Question 18

Does a gift qualify as consideration?

Answer 18

No.

Question 19

What are different ways that a promise can he created to make consideration?

Answer 19

I promise what economic benefit, promise based on peace of mind or gratification may establish a bargain for consideration (As long as the individual is not already legally obligated to perform the request)

Question 20

Does the common law required new consideration when modifying a contract?

Answer 20

Yes to come long does require no consideration. (Mirror image Rule
)

Question 21

What are the two requirements that are completely necessary to constitute consideration?

Answer 21

i. Bargained for exchange between the parties ii. The bargain has legal value or constitutes a benefit to the promisor or detriment to the promisee (peace of mind considered)

Question 22

When does additional problems become an issue?

Answer 22

Remoteness is not an issue however if the condition is entirely in the hands of the promisor this is an issue making the conditional promise unenforceable.

Question 23

When will when will it gratuitous sure to cut contract because it unenforceable for lack of consideration if the shirt he makes the promise to pay_______________

Answer 23

After the creditor has performed or made an absolute promise to perform

Question 24

What is an exception of the pre-existing legal duty rule?

Answer 24

Payment of a smaller some to settle an existing debt

Question 25

What is the best example of ratification?

Answer 25

New valid promise to perform a voidable obligation

Question 26

What is a way to avoid the pre-existing legal

Answer 26

You can modify the contract or you can add additional things.

Question 27

Does an alternative method of payment allow sufficient consideration for a promise to a creditor in order to discharge an existing debt?

Answer 27

yes