Consideration
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Avg score: 57% • Most missed: “Agreeing not to exercise a legal right is what form of consideration?”
Consideration
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12 Questions

1. Under the doctrine of ____________________ obligors can be denied the legal ability to show in court that they did not receive consideration for their promises. Therefore, the court can enforce those promises against them.

2. When consideration is provided to keep an offer open, it creates

3. A promise to not do something that has already been performed is

4. As the value different individuals put on an object or a performance may vary greatly, the courts typically do not question the ____________________ of consideration.

5. A big difference in economic value of what one gives and receives may be evidence of

6. A group of creditors that cooperatively agree to accept less than what they are entitled to from a particular debtor is legally known as a(n)

7. When Marty agrees to take possession of her uncle's gift to her, Marty becomes a(n)

8. Generally, what the parties give and get as consideration need to be of equal economic value. (T/F)

9. Agreeing not to exercise a legal right is what form of consideration?

10. Which of the following is not consideration?

11. A promise unsupported by consideration is generally unenforceable. (T/F)

12. When buyers agree to purchase all of a particular producer's production, it is called

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