Proof of Consideration Under UCC & Common Law Flashcards
Generally, under the common law, an illusory promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.
False
Generally, under the common law, a promise implied-in-fact may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the common law, a promise implied-in-law may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the common law, a bargained-for-exchange promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the common law, an oral, bargained-for-exchange promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the common law, all types of exchanged promises may serve as sufficient consideration to enforce a valid sale-of-goods contract.
False
Generally, under the common law, all express promises may serve as sufficient consideration to enforce a valid sale-of-goods contract.
False
Generally, under the common law, an aggrievant must prove sufficient consideration before securing actual damages under the terms of a valid sale-of-goods contract.
True
Generally, under the common law, any valid non-currency exchange may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the UCC and common law, a valid promise is not enforceable unless sufficient consideration supports it.
True
Generally, under the UCC § 2-102, an exchange of goods for currency is required in order to establish sufficient consideration.
False
Generally, under the UCC § 2-102, an exchange of goods for currency may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True
Generally, under the UCC § 2-102, an exchange of goods for cash is required in order to establish sufficient consideration.
False
Generally, under the UCC § 2-102, a buyer’s and seller’s non-cash exchanges may not serve as sufficient consideration.
False
Generally, under the UCC § 2-304, any non-currency exchange may serve as sufficient consideration to enforce a valid sale-of-goods contract.
True