Proof of Consideration Under UCC & Common Law

Question 1

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

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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

Answer 3

True

Question 4

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

Answer 4

True

Question 5

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

Answer 5

True

Question 6

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

Answer 6

False

Question 7

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

Answer 7

False

Question 8

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.

Answer 8

True

Question 9

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

Answer 9

True

Question 10

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

Answer 10

True

Question 11

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

Answer 11

False

Question 12

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.

Answer 12

True

Question 13

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

Answer 13

False

Question 14

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

Answer 14

False

Question 15

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

Answer 15

True

Question 16

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

Answer 16

True

Question 17

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

Answer 17

True

Question 18

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

Answer 18

True

Question 19

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

Answer 19

True

Question 20

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.

Answer 20

True

Question 21

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.

Answer 21

True

Question 22

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.

Answer 22

True

Question 23

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.

Answer 23

True

Question 24

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.

Answer 24

True

Question 25

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.

Answer 25

True

Question 26

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.

Answer 26

False

Question 27

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.

Answer 27

True

Question 28

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

Answer 28

False

Question 29

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

Answer 29

False

Question 30

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

Answer 30

True

Question 31

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.

Answer 31

False

Question 32

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.

Answer 32

False

Question 33

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.

Answer 33

True

Question 34

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

Answer 34

True

Question 35

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

Answer 35

False

Question 36

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

Answer 36

False

Question 37

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

Answer 37

True