EXAM STUDY MATERIALS 8/7/2024 11:29 AM
Ch 10 Quiz Bus Law Exam Questions With
Correct Answers
Promising to do your roommate's laundry for the week is an example of what type of
consideration? - answer✔✔An example of consideration is a promise to do something.
Performance of a duty you are obligated to do under the law is - answer✔✔inadequate
consideration.
An illusory promise is sufficient consideration for unilateral contracts but not bilateral contracts.
- answer✔✔false
A painter refuses to finish painting Charles's house unless Charles pays him an extra $100
beyond the agreed contract price. Charles does not have to pay the extra money because this is an
example of - answer✔✔preexisting duty
Paul, who is 25 years old, promises to stop drinking alcohol until he passes the CPA (Certified
Public Accountant) exam. What type of consideration does the example suggest? - answer✔✔A
detriment to the promisee.
In a unilateral contract, one party's consideration is the promise and the other party's
consideration in return is also a promise. - answer✔✔false
Which of the following is an example of a unilateral contract? - answer✔✔David tells Elizabeth
that he will pay her $1,000 if she paints his house before October 1st.
Consideration must be - answer✔✔the product of a bargained for exchange
If the parties dispute the amount of money owed, the debt is a(n) __________ debt. -
answer✔✔unliquidated
As a friend and a CPA, Lara agrees to do Cliff's taxes for free. Lara does his taxes and as an
expression of gratitude, Cliff promises to pay Lara $200. Lara cannot enforce the promise
because this is an illustration of - answer✔✔past consideration
Item 11
Ch 10 Quiz Bus Law Exam Questions With
Correct Answers
Promising to do your roommate's laundry for the week is an example of what type of
consideration? - answer✔✔An example of consideration is a promise to do something.
Performance of a duty you are obligated to do under the law is - answer✔✔inadequate
consideration.
An illusory promise is sufficient consideration for unilateral contracts but not bilateral contracts.
- answer✔✔false
A painter refuses to finish painting Charles's house unless Charles pays him an extra $100
beyond the agreed contract price. Charles does not have to pay the extra money because this is an
example of - answer✔✔preexisting duty
Paul, who is 25 years old, promises to stop drinking alcohol until he passes the CPA (Certified
Public Accountant) exam. What type of consideration does the example suggest? - answer✔✔A
detriment to the promisee.
In a unilateral contract, one party's consideration is the promise and the other party's
consideration in return is also a promise. - answer✔✔false
Which of the following is an example of a unilateral contract? - answer✔✔David tells Elizabeth
that he will pay her $1,000 if she paints his house before October 1st.
Consideration must be - answer✔✔the product of a bargained for exchange
If the parties dispute the amount of money owed, the debt is a(n) __________ debt. -
answer✔✔unliquidated
As a friend and a CPA, Lara agrees to do Cliff's taxes for free. Lara does his taxes and as an
expression of gratitude, Cliff promises to pay Lara $200. Lara cannot enforce the promise
because this is an illustration of - answer✔✔past consideration
Item 11
