Considerations Ch.14

Question 1

What each party to a contract gives up to the other in making their agreement.

Answer 1

Consideration

Question 2

Is a gift enforceable

Answer 2

No

Question 3

A promise to refrain from doing something that you have a legal right to do, counts as an If.

Answer 3

Forbearance

Question 4

What is an exception for a gift being enforceable?

Answer 4

charitable subscriptions

Question 5

A promise where a party appears to be obligated, but is in fact not, a Quasi Contract

Answer 5

Illusory Promise

Question 6

Doing something you are already legally obligated to do does not count as a consideration.

Answer 6

Preexisting legal obligation

Question 7

An exception to PLO, where the basis of the adjustment was outside of both parties’ knowledge.

Answer 7

Good Faith Exemption

Question 8

“When the contract is for the sale of goods, any modification made in good faith by the parties to the contract is binding without regard to the existence of consideration for the modification.”

Answer 8

Contract of Sale of goods

Question 9

If a debtor partially pays the debt before the deadline with agreement from the creditor as an exception for full payment, it is consideration.

Answer 9

Compromise and release of claims

Question 10

“agreement among creditors that each shall accept a part payment as full payment in consideration of the other creditors doing the same”

Answer 10

Composition of Creditors

Question 10

If there was an act performed in the past cannot be a consideration for a promise in the present.

Answer 10

Past Consideration

Question 11

Is Moral Obligation consideration

Answer 11

no

Question 12

Terms in a contract how to about what is necessary to leave a contract

Answer 12

Cancelation Provisions