Contract Law - Consideration Flashcards
1
Q
Which law require consideration?
A
Both UCC and Common Law
2
Q
When does the first promise serve as a consideration for second promise?
A
When a person promises to do something new and now something that he is already obligated to do.
Eg When a debtor promised to pay $500 for a disputed debt of $600. If the debt is liquidated i.e. he is already obligated to pay $600 then his promised to pay $500 is not a consideration to discharge the debt of $600.
3
Q
Under statue of fraud - Contract terms can be stated in more than one document as long as there is evidence that all documents relate to the same agreement - True or False
A
True
