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BLAW Ch 12 (aced the test and got 96%)

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Louisiana State University
Business Law
BLAW 3201

Chapter 12ConsiderationTRUEFALSE1A new promise to perform a voidable obligation that has not been avoided previously is enforceable without new considerationANST2In some states a promise under seal is binding without considerationANST3Past actions unbargained for by the parties in an agreement can become valid consideration for a contractANSF4Dana gives care to Marnies dog when Dana finds Marnies dog ill on the side of the road After Marnie locates her dog Marnie promises to reimburse Dana for the cost of treating the dog Marnies promise is binding because there is a bargainedforexchangeANSF5In most if not all cases where there is a legal detriment to the promisee there is also a legal benefit to the promisorANST6The 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 performanceANST7The Code has changed the common law rule regarding modification of a preexisting contract by providing that a contract for the sale of goods can be effectively modified by the parties without new consideration provided they intend to do so and act in good faithANST8Sandys private secretary promises to keep the contents of a letter she typed secret if Sandy will give her the next day off with pay If the secretary takes the day off Sandy has to pay her for the dayANSF9A modification of a contract for the sale of goods must always be supported by additional considerationANSF10The parties to a contract may modify the agreement with no additional consideration by simply substituting a new contractANST11Contracts generally require adequacy of consideration where the consideration given by both parties is of fair value and equitableANSF12In a unilateral contract a promise is exchanged for an act or forbearance to actANST
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