Proof of Consideration Under UCC & Common Law Flashcards

1
Q

Generally, under the common law, an illusory promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

False

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2
Q

Generally, under the common law, a promise implied-in-fact may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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3
Q

Generally, under the common law, a promise implied-in-law may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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4
Q

Generally, under the common law, a bargained-for-exchange promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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5
Q

Generally, under the common law, an oral, bargained-for-exchange promise may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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6
Q

Generally, under the common law, all types of exchanged promises may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

False

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7
Q

Generally, under the common law, all express promises may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

False

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8
Q

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.

A

True

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9
Q

Generally, under the common law, any valid non-currency exchange may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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10
Q

Generally, under the UCC and common law, a valid promise is not enforceable unless sufficient consideration supports it.

A

True

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11
Q

Generally, under the UCC § 2-102, an exchange of goods for currency is required in order to establish sufficient consideration.

A

False

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12
Q

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.

A

True

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13
Q

Generally, under the UCC § 2-102, an exchange of goods for cash is required in order to establish sufficient consideration.

A

False

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14
Q

Generally, under the UCC § 2-102, a buyer’s and seller’s non-cash exchanges may not serve as sufficient consideration.

A

False

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15
Q

Generally, under the UCC § 2-304, any non-currency exchange may serve as sufficient consideration to enforce a valid sale-of-goods contract.

A

True

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16
Q

Generally, under the UCC § 2-306(1), a seller or buyer may form a written requirements contract.

A

True

17
Q

Generally, under the UCC § 2-306(1), a seller or buyer may form an oral requirements contract.

A

True

18
Q

Generally, under the UCC § 2-306(1), a seller or buyer may fashion an oral output contract.

A

True

19
Q

Generally, under the UCC § 2-306(1), a seller or buyer may fashion a written output contract.

A

True

20
Q

Generally, under the UCC § 2-306(1), a seller has a statutory duty to act in good faith when attempting to satisfy the terms of an output contract.

A

True

21
Q

Generally, under the UCC § 2-306(1), a buyer has a statutory duty to act in good faith when attempting to satisfy the terms of a requirements contract.

A

True

22
Q

Generally, under the UCC § 2-306(2), a seller may fashion an exclusive-dealing, output contract that governs the behaviors of both the seller and buyer.

A

True

23
Q

Generally, under the UCC § 2-306(2), a buyer may construct an exclusive-dealing, requirements contract that governs the behaviors of both the seller and buyer.

A

True

24
Q

Generally, under the UCC § 2-306(2), a seller may construct an exclusive-dealing contract that governs the behaviors of both the seller and buyer.

A

True

25
Q

Generally, under the UCC § 2-306(2), a seller has a statutory obligation to use her best efforts to supply identified goods to the buyer.

A

True

26
Q

Generally, under the UCC § 2-306(2), a seller has a statutory duty to use her best judgment when attempting to supply identified goods to a buyer.

A

False

27
Q

Generally, under the UCC § 2-306(2), a buyer has a statutory obligation to use his best efforts to promote the sale of identified goods.

A

True

28
Q

Generally, under the UCC § 2-306(2), a buyer has an obligation to use best business practices when promoting the sale of identified goods.

A

False

29
Q

Generally, under the common law, a preexisting contractual duty may serve as sufficient consideration to enforce a modified sale-of-goods contract.

A

False

30
Q

Generally, under the common law, “new consideration” is required to enforce a modified sale-of-goods contract.

A

True

31
Q

Generally, under the common law, a preexisting contractual duty may serve as sufficient consideration to enforce a modified requirements contract involving the transfer of goods.

A

False

32
Q

Generally, under the common law, a preexisting contractual duty may serve as sufficient consideration to enforce a modified output contract involving the transfer of goods.

A

False

33
Q

Generally, under the common law, a preexisting contractual duty may not serve as sufficient consideration to enforce a modified exclusivity contract involving the transfer of goods.

A

True

34
Q

Generally, under the UCC §2-209(1), “new consideration” is not required to enforce a modified sale-of-goods contract.

A

True

35
Q

Generally, under the UCC §2-209(1), “new consideration” is required to enforce a modified requirements contract involving the transfer of goods.

A

False

36
Q

Generally, under the UCC §2-209(1), “new consideration” is required to enforce a modified exclusivity agreement involving the transfer of goods.

A

False

37
Q

Generally, under the UCC §2-209(1), “new consideration” is not required to enforce a modified exclusive-dealing contract involving the sale of goods.

A

True