100% SOLVED BY A VERIFIED WRITER- What Does Consideration Refer To Exam Practice

Consideration refers to the time that a party takes to evaluate a deal.

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True

False

To pay on receipt of certain goods is “something of legally sufficient value.”

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False

True

Flag question: Question 3Question 31 pts

To be legally sufficient, consideration must be something of value in the eyes of the law.

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False

True

Flag question: Question 4Question 41 pts

Adequacy of consideration refers to “how much” consideration is given.

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True

False

Flag question: Question 5Question 51 pts

Essentially, adequacy of consideration concerns the fairness of the bargain.

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True

False

Flag question: Question 6Question 61 pts

The party making a promise is the promisor.

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False

True

Flag question: Question 7Question 71 pts

Failure to perform a moral obligation usually creates legal liability.

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True

False

Flag question: Question 8Question 81 pts

The element of intent is not very important in determining whether a contract has been formed.

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False

True

Flag question: Question 9Question 91 pts

Only one party entering into a contract must have the legal capacity to do so for a valid contract to exist.

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False

True

Flag question: Question 10Question 101 pts

The one element necessary for an offer to be effective is a price based on market value.

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True

False

Flag question: Question 11Question 111 pts

An expression of opinion can evidence an intent to enter into a binding agreement.

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True

False

Flag question: Question 12Question 121 pts

An expression of a willingness to discuss the possibility of entering into a contract is not an offer.

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False

True

Flag question: Question 13Question 131 pts

In rare circumstances, a price quotation may be regarded as an offer.

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True

False

Flag question: Question 14Question 141 pts

Courts generally do not presume the existence of contractual capacity.

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True

False

Flag question: Question 15Question 151 pts

A party may have the capacity to enter into a valid contract but also have the right to avoid liability under it.

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False

True

Flag question: Question 16Question 161 pts

A minor can disaffirm a contract but not set aside all legal obligations under it.

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True

False

Flag question: Question 17Question 171 pts

For a minor to disaffirm a contract, he or she must present the contract to a court.

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True

False

Flag question: Question 18Question 181 pts

Ordinarily, minors can disaffirm contracts even when they have misrepresented their age.

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False

True

Flag question: Question 19Question 191 pts

In many states, if a minor does business in the manner of an adult, his or her related contracts are fully enforceable.

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False

True

Flag question: Question 20Question 201 pts

A contract to do something that is prohibited by federal statutory law is void from the outset.

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True

False

Flag question: Question 21Question 211 pts

A contract that calls for an action contrary to public policy is illegal but not unenforceable.

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False

True

Flag question: Question 22Question 221 pts

The performance of a contract is never rendered illegal by a statute after the parties have already entered into the contract.

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False

True

Flag question: Question 23Question 231 pts

Traditionally, the states considered gambling contracts legal and enforceable.

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False

True

Flag question: Question 24Question 241 pts

Voluntary consent is not lacking if one or more of the parties is mistaken about an important fact concerning the subject matter of the contract.

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True

False

Flag question: Question 25Question 251 pts

A material fact is a fact that is important and central to the subject matter of a contract.

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True

False

Flag question: Question 26Question 261 pts

The primary purpose of the Statute of Frauds is to ensure that all parties to a contract understand all of the terms of the contract.

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True

False

Flag question: Question 27Question 271 pts

Under the Statute of Frauds, certain contracts must be in writing to be enforceable.

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False

True

Flag question: Question 28Question 281 pts

The Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land.

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True

False

Flag question: Question 29Question 291 pts

For a particular contract to fall under the one-year rule, the parties must subjectively believe that its performance is impossible to complete within a year.

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False

True

Flag question: Question 30Question 301 pts

If a contract condition is not satisfied, the obligations of the parties are not discharged.

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False

True

Flag question: Question 31Question 311 pts

The most common way to terminate contractual duties is by performance.

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True

False

Flag question: Question 32Question 321 pts

There is no difference between complete and substantial performance.

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False

True