A) A promise to stop drinking sports drinks.
B) A promise to walk the neighbor's dog.
C) A promise to call the police if the neighbor's alarm system should go off while they are on vacation.
D) A promise to be on time for class all semester.
E) A promise to pay your employees as required by law.
G) A) and C)
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A) A detriment to the promisor
B) A benefit to the promisee.
C) A promise to think about refraining from doing something.
D) A promise to do something.
E) A promise to refrain from doing something.
G) All of the above
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B) False
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A) Charlie will be required to pay because a typical,unilateral contract is involved,and he got the benefit of his bargain.
B) Charlie will only be required to pay ½ of the agreed upon amounts because of the calculations involved under the preexisting duty rule.
C) Charlie will be required to pay because unforeseen circumstances are an exception to the preexisting duty rule.
D) Charlie will not be required to pay because he provided no additional consideration,and the preexisting duty rule applies.
E) Charlie will be required to pay because a typical,bilateral contract is involved,and he got the benefit of his bargain.
G) None of the above
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A) A contract under seal and a contract involving a liquidated debt.
B) A contract under seal and promissory estoppel.
C) A bilateral contract and a unilateral contract.
D) Promissory estoppel and an illusory contract.
E) A contract under seal and an illusory contract.
G) B) and C)
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Promissory estoppel occurs when one part...View Answer
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A) No because the car was not worth what Timmy paid for it.
B) Yes because there was a bargained-for exchange and a mutual exchange of promises.
C) No because Jennifer did not send the second set of keys back to Timmy.
D) Yes because of promissory estoppel.
E) Yes because of the UCC.
G) A) and B)
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A) Liquidated debt because the debt was not supported by consideration.
B) Unliquidated debt because the debtor offered different performance.
C) Liquidated debt because there was no dispute that he owed money or how much.
D) Unliquidated debt because there was disagreement about the car's value.
E) Unliquidated .debt because there as a dispute over how much was owed.
G) A) and B)
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A) Rely on the doctrine of promissory estoppel to ensure such checks are not valid.
B) Issue only liquidated debts to debtors and include provisions in credit card statements prohibiting the issuance of unliquidated debt.
C) Sue the debtor for the remaining balance and argue there was insufficient consideration because there was no bargained for exchange when the check was sent "Paid in Full."
D) Nothing.Businesses must carefully review every check to avoid inadvertently creating an accord and satisfaction.
E) Notify debtors that any attempt to settle a claim for less than the amount owed must be sent to a particular address and/or a particular person.
G) A) and C)
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A) Tam is correct.
B) Tam is incorrect because the amount she agreed to pay was significantly less than the fair market value of the book and,therefore,did not amount to consideration.
C) Tam is correct only if she can establish that she had prior dealings with Ezra.
D) Tam is correct only if she can establish that she had provided past consideration in addition to the amount she agreed to pay for the book.
E) Tam is incorrect because her acceptance was illusory.
G) C) and E)
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B) False
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A) No because Timmy made an illusory promise.
B) No because Jennifer made an illusory promise.
C) Yes because Jennifer said she would send the keys.
D) No because there was no consideration.
E) Yes because Tim relied on Jennifer's promise in agreeing to purchase the car.
G) A) and E)
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A) The bank is likely to prevail because Kareem's promise to catch Victor was illusory.
B) The bank is likely to prevail because Kareem had a preexisting duty to catch Victor.
C) Kareem is likely to prevail because his promise to catch Victor resulted in a binding bilateral contract.
D) The bank is likely to prevail because Kareem only provided past consideration.
E) Kareem is likely to prevail because an enforceable unilateral contract exists based on his performance.
G) A) and C)
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A) That in order to satisfy equitable principles,the parties would split the remaining debt with Isabella owing $1,000.
B) That because the university offered,through issuance of the check,full repayment,no accord and satisfaction existed;Isabella owes the full $2,000.
C) That under the UCC,Isabella would be required to pay the full amount,but the university would be estopped from charging any interest.
D) That because the debt was liquidated,no accord and satisfaction occurred,and Isabella owes the full $2,000.
E) That because the debt was unliquidated and the university cashed the check,an accord and satisfaction occurred,and Isabela owes nothing.
G) A) and B)
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A) Acknowledgement
B) Seal
C) Accord
D) Satisfaction
E) Compromise
G) B) and D)
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A) An unliquidated debt is involved,and there is an accord and satisfaction.
B) A liquidated debt is involved,and there is an accord and satisfaction.
C) A liquidated debt is involved,and there is neither a satisfaction nor an accord.
D) A liquidated debt is involved,and there is an accord but no satisfaction.
E) An unliquidated debt is involved,and there is an accord but not satisfaction.
G) B) and C)
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A) That the promise was not enforceable because it was a gift.
B) That the promise to transfer the stock flowed from the loan transaction and was enforceable by the plaintiff.
C) That the promise was enforceable as a gift.
D) That the promise was unenforceable because lawyers may not loan clients money.
E) That the promise was enforceable only if the total the plaintiff received in funds did not violate state usury laws involving maximum interest rates.
G) A) and E)
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B) False
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A) Yes because he has a pre-existing duty to build the house.
B) Yes,because there are no exceptions to the pre-existing duty rule.
C) No,because there are unforeseen circumstances the mudslide) which necessitate additional work rebuilding the foundation) .
D) No,because of UCC Article 2.
E) No,because he had no duty to rebuild the house after the mudslide.
G) All of the above
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A) A debtor offers a credit card company a rare book in full settlement of a $3,000 debt and the credit card company accepts.
B) A car owner offers her car to the bank as full settlement of the remaining balance owed on the loan and the bank accepts.
C) A debtor disputes the amount of money that is owed,so does not pay half of the debt and the creditor cashes the check.
D) A student offers the use of his picture in a school brochure in full settlement of the $100 debt he owes to the university bookstore and the school accepts.
E) There are no exceptions to the rule regarding liquidated debt.
G) A) and B)
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