Consideration & Gifts

Question 1

consists of a benefit to the promisor or a detriment to the promisee

Answer 1

Consideration

Question 2

must actually be bargained for as the exchange for the promise.
This does not mean that the parties must actually bargain over the terms of the agreement.
It means: the promise must induce the detriment and the detriment must induce the promise.

Answer 2

Consideration

Question 3

it induces the other partys’ promise

Answer 3

Consideration

Question 4

When the donor intends to make a gift to the donee upon satisfaction of a condition.

Answer 4

Conditional Gift

Question 5

A contract that has been fully performed by both parties.

Answer 5

Executed contract

Question 6

A contract that remains wholly unperformed or for which there remains something still to be done on both sides.

Answer 6

Executory contract

Question 7

A promise or apparent promise is not consideration if by its terms the promisor or purported promisor reserves a choice of alternative performances unless
each of the alternative performances would have been consideration if it alone had been bargained for; or
one of the alternative performances would have been consideration and there is or appears to the parties to be a substantial possibility that before the promisor exercises his choice events may eliminate the alternatives which would not have been consideration.

Answer 7

Illusory Promise