JD Exam 1-3 || Questions &
Answers (Graded A+)
Conceptial Research ||
, JD Exam 1-3 || Questions & Answers
(Graded A+)
Which of the following choices best explains the term "estoppel"? - ANSWER - A legal
principle that bars a party from denying or alleging a certain fact owing to that party's
previous conduct, allegation, or denial.
"If you agree to continue working for me, I'll give you a fair share of the profits at the end
of the year."
Is there consideration in this case? - ANSWER - No. There is no valid offer here due to
lack of clear definitive terms, such as how much a fair share of the profits represents.
Therefore, there is no clear consideration.
"If you will voluntarily retire, I will give you a pension of $200 per month for life."
Is there consideration in this case? - ANSWER - Yes. There are clear definitive terms in
this promise, therefore considering exists due to a bargained-for-exchange agreement.
If the employee voluntarily retires, he/she expects to receive $200 for life.
What statement below best states the issue addressed by the court in Wood v. Lucy,
Lady Duff-Gordon? - ANSWER - Was plaintiff Wood's promise illusory and therefore not
supported by consideration, since it did not obligate him to take any positive action or do
anything of an affirmative nature whatsoever?
What do you think Justice Cardozo means by his use of the term "sacred talisman" in
the following sentence:
"The law has outgrown its primitive stage of formalism when the precise word was the
sovereign talisman, and every slip was fatal It takes a broader view to-day. A promise
may be lacking, and yet the whole writing may be 'instinct with an obligation,' imperfectly
expressed." - ANSWER - Precise words are not required for a contract to be
enforceable in modern courts.
Rob is selling his house in Tucson. Jim, his agent, has found a buyer, Sid. Sid signs a
contract in which he agrees to buy the house for $250,000 but the document provides
that "this sale is conditional on the buyer obtaining a mortgage in the amount of
$200,000 at an interest rate not to exceed five (5) percent."
Answers (Graded A+)
Conceptial Research ||
, JD Exam 1-3 || Questions & Answers
(Graded A+)
Which of the following choices best explains the term "estoppel"? - ANSWER - A legal
principle that bars a party from denying or alleging a certain fact owing to that party's
previous conduct, allegation, or denial.
"If you agree to continue working for me, I'll give you a fair share of the profits at the end
of the year."
Is there consideration in this case? - ANSWER - No. There is no valid offer here due to
lack of clear definitive terms, such as how much a fair share of the profits represents.
Therefore, there is no clear consideration.
"If you will voluntarily retire, I will give you a pension of $200 per month for life."
Is there consideration in this case? - ANSWER - Yes. There are clear definitive terms in
this promise, therefore considering exists due to a bargained-for-exchange agreement.
If the employee voluntarily retires, he/she expects to receive $200 for life.
What statement below best states the issue addressed by the court in Wood v. Lucy,
Lady Duff-Gordon? - ANSWER - Was plaintiff Wood's promise illusory and therefore not
supported by consideration, since it did not obligate him to take any positive action or do
anything of an affirmative nature whatsoever?
What do you think Justice Cardozo means by his use of the term "sacred talisman" in
the following sentence:
"The law has outgrown its primitive stage of formalism when the precise word was the
sovereign talisman, and every slip was fatal It takes a broader view to-day. A promise
may be lacking, and yet the whole writing may be 'instinct with an obligation,' imperfectly
expressed." - ANSWER - Precise words are not required for a contract to be
enforceable in modern courts.
Rob is selling his house in Tucson. Jim, his agent, has found a buyer, Sid. Sid signs a
contract in which he agrees to buy the house for $250,000 but the document provides
that "this sale is conditional on the buyer obtaining a mortgage in the amount of
$200,000 at an interest rate not to exceed five (5) percent."
