CONSIDERATION AND SUBSTITUTES IN
CONTRACT LAW TEST QUIZ WITH
VERIFIED ANSWERS [ GRADED A+]
Valuable consideration - ✔✔Change in legal position between parties evidencing
value.
Legal detriment - ✔✔Loss incurred by promisee in exchange for a promise.
Mutuality of consideration - ✔✔Promise induces detriment; detriment induces
promise.
Return promise - ✔✔Promise to perform or refrain from an act.
©morren2024/2025.Year published 2025.
, Gift - ✔✔Transfer without expectation of return or consideration.
Promissory estoppel - ✔✔Enforcement of a gift promise due to reliance.
Subjective value - ✔✔Promisor's desire for an item determines consideration.
Preexisting duty rule - ✔✔Existing obligation cannot serve as consideration.
Modification of contract - ✔✔Change to contract terms requiring consideration.
UCC modification - ✔✔Requires good faith, not consideration for changes.
Mutual rescission - ✔✔Both parties agree to discharge contractual duties.
©morren2024/2025.Year published 2025.
CONTRACT LAW TEST QUIZ WITH
VERIFIED ANSWERS [ GRADED A+]
Valuable consideration - ✔✔Change in legal position between parties evidencing
value.
Legal detriment - ✔✔Loss incurred by promisee in exchange for a promise.
Mutuality of consideration - ✔✔Promise induces detriment; detriment induces
promise.
Return promise - ✔✔Promise to perform or refrain from an act.
©morren2024/2025.Year published 2025.
, Gift - ✔✔Transfer without expectation of return or consideration.
Promissory estoppel - ✔✔Enforcement of a gift promise due to reliance.
Subjective value - ✔✔Promisor's desire for an item determines consideration.
Preexisting duty rule - ✔✔Existing obligation cannot serve as consideration.
Modification of contract - ✔✔Change to contract terms requiring consideration.
UCC modification - ✔✔Requires good faith, not consideration for changes.
Mutual rescission - ✔✔Both parties agree to discharge contractual duties.
©morren2024/2025.Year published 2025.
