BCOR 2301 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS|100% verified

BCOR 2301 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS Consideration CORRECT ANSWER Something of value received or promised to convince a person to make deal. Legally Sufficient Value CORRECT ANSWER Something of value in the eyes of the law. Forbearance CORRECT ANSWER Refraining from an action that you have a legal right to undertake. Bargained-For Exchange CORRECT ANSWER The basis for a bargain struck between or among the contracting parties. Not a gift! Where is a consideration lacking? CORRECT ANSWER - Preexisting Duty: A promise to do. what one already has a legal duty to do does not constitute legally sufficient consideration. - Recession: A remedy where a contract is cancelled and the parties are returned to the position they occupied before the contract was entered into. - Past Consideration: Promises made in return for actions or events that have already taken place are unenforceable. - Illusory Promise: A statement that is uncertain and vague that is not considered a definite promise. Accord CORRECT ANSWER Agreement under which one party promises to give or perform, and the other party to accept, in satisfaction of a claim, something different from what the parties originally agreed.