BLAW 3201 Study Guide - Midterm Guide: Contract, Exclusive Dealing, Junkers F.13
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True/false: a new promise to perform a voidable obligation that has not been avoided previously is. In some states a promise under seal is binding without consideration. Ans: t: past actions unbargained for by the parties in an agreement can become valid consideration for a contract. Ans: f: dana gives care to marnie"s dog when dana finds marnie"s dog ill on the side of the road. Marnie locates her dog, marnie promises to reimburse dana for the cost of treating the dog. Marnie"s promise is binding, because there is a bargained-for-exchange. In most, if not all, cases where there is a legal detriment to the promisee, there is also a legal benefit to the promisor. Ans: t: the central idea behind consideration is that the parties have intentionally entered into a bargained exchange with one another and have given each other something in exchange for a promise or performance.
