BCOR 2301 Final Exam Questions With
Complete Solutions
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 |constitue |legally |sufficient |consideration.
|
- |Recission: |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.
Satisfaction |- |CORRECT |ANSWER✔✔-Performance |(usually |payment) |which |takes |place |after |
the |accord |is |executed.
Release |- |CORRECT |ANSWER✔✔-A |contract |in |which |one |party |forfeits |the |right |to |pursue |a |
legal |claim |against |the |other |party.
Promissory |Estoppel |- |CORRECT |ANSWER✔✔-Doctrine |that |can |be |used |to |enforce |a |promise |
when |the |promisee |has |justifiably |relied |on |it |and |when |justice |will |be |better |served |by |
enforcing |the |promise.
Capacity |- |CORRECT |ANSWER✔✔-Both |parties |must |be |competent.
Contractual |Capacity |- |CORRECT |ANSWER✔✔-Capacity |required |by |the |law |for |a |party |who |
enters |into |a |contract |to |be |bound |by |that |contract.
Disaffirmance |- |CORRECT |ANSWER✔✔-The |legal |avoidance, |or |setting |aside, |of |a |contractual |
obligation.
Ratification |- |CORRECT |ANSWER✔✔-The |acceptance |or |confirmation |of |an |act |or |agreement |
that |gives |legal |force |to |an |obligation |that |previously |was |not |enforceable.
Express |Ratification |- |CORRECT |ANSWER✔✔-Occurs |when |the |individual |states |orally |or |in |
writing |that |they |intend |to |be |bound |by |the |contract.
Legality |- |CORRECT |ANSWER✔✔-Purpose |must |be |to |accomplish |a |goal |that |is |legal |and |not |
against |public |policy.
Complete Solutions
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 |constitue |legally |sufficient |consideration.
|
- |Recission: |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.
Satisfaction |- |CORRECT |ANSWER✔✔-Performance |(usually |payment) |which |takes |place |after |
the |accord |is |executed.
Release |- |CORRECT |ANSWER✔✔-A |contract |in |which |one |party |forfeits |the |right |to |pursue |a |
legal |claim |against |the |other |party.
Promissory |Estoppel |- |CORRECT |ANSWER✔✔-Doctrine |that |can |be |used |to |enforce |a |promise |
when |the |promisee |has |justifiably |relied |on |it |and |when |justice |will |be |better |served |by |
enforcing |the |promise.
Capacity |- |CORRECT |ANSWER✔✔-Both |parties |must |be |competent.
Contractual |Capacity |- |CORRECT |ANSWER✔✔-Capacity |required |by |the |law |for |a |party |who |
enters |into |a |contract |to |be |bound |by |that |contract.
Disaffirmance |- |CORRECT |ANSWER✔✔-The |legal |avoidance, |or |setting |aside, |of |a |contractual |
obligation.
Ratification |- |CORRECT |ANSWER✔✔-The |acceptance |or |confirmation |of |an |act |or |agreement |
that |gives |legal |force |to |an |obligation |that |previously |was |not |enforceable.
Express |Ratification |- |CORRECT |ANSWER✔✔-Occurs |when |the |individual |states |orally |or |in |
writing |that |they |intend |to |be |bound |by |the |contract.
Legality |- |CORRECT |ANSWER✔✔-Purpose |must |be |to |accomplish |a |goal |that |is |legal |and |not |
against |public |policy.
