Contracts (Consideration) Flashcards
1
Q
Past consideration (is/is not) consideration
A
Is not
2
Q
Modification of a K under the UCC
A
Modification is allowed in good faith if it is fair, equitable, and the reason for modification was not foreseeable at the beginning of K
3
Q
T/F
Accord discharges orginal agreement
A
False
It suspends until accord is satisfied/unsatisfied
4
Q
Define Accord
A
Accord is a new agreement between parties who are already under K with each other
5
Q
T/F
Consideration must be monetary
A
False
It can be anything, as small as a peppercorn
6
Q
Modification under ML
A
At ML, modification must have new consideration because of the preexisting legal duty rule
