JURI 530 Quiz 1

JURI 530 Quiz 1 Liberty University

  1. Which of the following is a gift promise, unenforceable under the “bargain” theory of consideration?
  2. Which of the following contracts is subject to applicable provisions of the Uniform Commercial Code?
  3. Choose which of the following benefits cannot be recovered under the theory of consideration, but can be recovered under a theory of consideration?
  4. True or False: Promises to make gifts of goods are always enforceable because the Uniform Commercial Code does not include a provision defining consideration or bargain
  5. A ____________ contract is a contract in which the parties exchange a promise for a return promise.
  6. Transportation Company contracts with Tire Company to buy all of the truck tires that Transportation Company requires from Tire Company at a price of $300 per tire. Choose the best answer:
  7. After 40 years working on the plant floor at Manufacturing Company, Darby decides it is time to retire. He sends an e-mail to the Company President informing him that this will be his last month on the job and that he’s retiring at the end of the month. Company President calls Darby into his office and tells him, “Darby, you’ve been an exemplary employee for such a long time. We hate to see you go, but want you to know that, while the Company doesn’t have a retirement plan, the Company will pay you a weekly paycheck of $500 for the rest of your life. It’s our way of saying ‘thank you.’” Is Company President’s promise to pay $500 a week enforceable under the theory of promissory estoppel? Explain how the doctrine of reliance might provide a right for Bonnie to recover from Angus.
  8. Which of the following policies is not one that the Uniform Commercial Code is designed to further?
  9. True or False: Where a promise is made, in part to obtain a return promise, and in part to make a gift, the mixed motive of the promisor will prevent the promise from being consideration, if bargained for.
  10. When a promisor makes a promise in which he reserves so much discretion regarding whether he will perform the promise or not that the promise is impossible to breach, the promise is called an ______________ promise.
  11. A contract to settle a lawsuit is supported by consideration, even if the claims made in the lawsuit are invalid,
  12. Lex hires Amanda’s tree-trimming company to remove a large dying tree from Lex’s front yard. He agrees to pay Amanda $1,000 to do the work. Amanda and her crew remove the tree. Additionally, they remove all of the tree debris from the yard, mow the grass, trim some nearby branches away from the house, and trim the shrubbery along the front of the house while they are doing the job. Lex is really pleased with the work and extra effort of Amanda’s team. He is so pleased that he calls Amanda and promises to pay her an extra $250 for the good work they did. Is Lex’s promise enforceable under the “bargain” theory of consideration?
  13. Which of the following contracts is subject to the CISG?
  14. A law firm hires a document-management firm to shred 800 old client files that are being stored in the law firm’s file room. The document-management firm agrees to shred and dispose of the files for $2,500. The document-management firm fails to meet the deadline for performing the work, and the law firm hires another document- management firm to destroy the files at a cost of $3,100. Which of the following correctly describes the law firm’s “expectation interest”?
  15. Which statement most accurately describes the difference between the expectation interest and reliance interest in contract damages?
  16. True or false: Modification of a contract for the sale of goods requires consideration to be binding, even if made in good faith.
  17. Baxter needs $800 to make his mortgage payment on time. His neighbor Rex knows this. Rex had long admired Baxter’s vintage motorcycle, valued at $2,500. Rex tells Baxter that he will pay him $800 for the motorcycle, and Baxter agrees. Before Rex pays him the $800, Baxter changes his mind and argues that he has not entered into a binding agreement because the agreement is not a fair exchange. Is Baxter’s argument correct? Explain your answer.
  18. Which of the following is an accurate statement regarding consideration?
  19. Holding Company contracts to purchase 100% of Owner’s stock in the Business for $7,000,000, if the Business can sell $800,000 of its product in the next 90 days. The contract between Holding Company and Owner is
  20. Two parties enter into a contract for one party to provide bookkeeping services to the other. One month later they want to modify that agreement, and they agree to a revised bookkeeping agreement. The revised bookkeeping agreement requires some consideration in addition to the performances required under the original bookkeeping agreement in order to be binding under the ________________ duty rule.

Set 1

  1. Garrett has been an employee of Construction Company for seven years. His manager notices that he has been working late making sure that the shop equipment is properly stored and locked up at the end of each workday. The manager tells Garrett that he has appreciated his hard work, that Garrett should not feel obligated to stay late to lock up the equipment anymore, and that Garrett can expect a $250 bonus in his next paycheck because of his past efforts. Is the manager’s statement enforceable under the “bargain” theory of consideration?
  2. Which of the following benefits can be recovered under the doctrine of restitution and not under the doctrine of consideration?
  3. Homeowner enters into a contract with Flooring Company to refinish Homeowner’s hardwood floors on October 15 and 16. The contract price is $4,000, payable after the completion of the work. Flooring Company fails to do any of the work, and Homeowner pays Flooring Company nothing. Homeowner has to pay $4,400 to another flooring contractor to refinish his floors. Which of the following correctly describes Homeowner’s “expectation interest”?
  4. Which of the following contracts is subject to the CISG?
  5. A contract to settle a lawsuit is supported by consideration, even if the claims made in the lawsuit are invalid,
  6. Which of the following is a gift promise, unenforceable under the “bargain” theory of
  7. Which of the following policies is not one that the Uniform Commercial Code is designed to further?
  8. Buyer and seller contract for Buyer to purchase and Seller to sell as many widgets as Buyer requires each month for the following 12 months, at a cost of $25 per widget. Choose the best answer:
  9. Which of the following contracts is subject to applicable provisions of the Uniform Commercial Code?
  10. Which statement most accurately describes the difference between the expectation interest and reliance interest in contract damages?
  11. Which of the following is a false statement regarding consideration?
  12. Buyer, an independent coffee shop, agrees to buy a small house from Seller for
  13. $125,000, if the local zoning authority will approve Buyer’s request to grant a variance from the local zoning ordinance, which currently only allows houses in this part of town to
  14. True or False: The Uniform Commercial Code does not include a provision defining consideration or bargain, so contracts for the sale of goods never require consideration.
  15. Where a promisor’s motive is mixed, and her promise is made, in part to obtain a return promise, and in part to make a gift, the mixed motive of the promisor will not prevent the promise from being consideration, if bargained for.
  16. An agreement modifying a contract governed by the UCC does not require any consideration to be binding, but must be made in good faith.
  17. A contract is a contract in which the parties exchange a promise for a return performance.
  18. Two parties enter into a services agreement called the Original Services Agreement. One month later they want to modify that agreement, and they agree to a Revised Services Agreement. The Revised Services Agreement requires some consideration in addition to the performances required under the Original Services Agreement in order to be binding under the duty rule.
  19. When a promisor makes a promise in which he reserves so much discretion regarding whether he will perform the promise or not, that the promise is impossible to breach, the promise is called an
  20. Angus is a drywall contractor. He learns that his neighbor, Bonnie, had some water damage and has been talking to Drywall Solutions, another drywall contractor, to complete the repairs. Angus tells Bonnie that she does not need to hire a drywall contractor, and that he will perform the work at no cost if Bonnie will supply the drywall materials. Bonnie calls Drywall Solutions, who had offered to do the work for $3,000, and tells them not to come. Angus subsequently refuses to do the work. Bonnie has to pay a third drywall contractor $4,000 to complete the job. Assume there is no consideration for Angus’ promise to Bonnie. Explain how the doctrine of reliance might provide a right for Bonnie to recover from Angus.
  21. Banker promises to Customer that the Bank will make a loan to the Customer’s son if the Customer promises that, if the son fails to repay the loan, the Customer will pay any balance on the loan to the Bank immediately. Customer agrees. Later the Customer’s son defaults on repaying the loan. Customer argues that his agreement is unenforceable against Customer, since the Bank provided no benefit to the Customer and only provides a benefit to the son. Is this argument correct? Explain your answer.

Set 2

  1. Garrett has been an employee of Construction Company for seven years. His manager notices that he has been working late making sure that the shop equipment is properly stored and locked up at the end of each workday. The manager tells Garrett that he has appreciated his hard work, that Garrett should not feel obligated to stay late to lock up the equipment anymore, and that Garrett can expect a $250 bonus in his next paycheck because of his past efforts. Is the manager’s statement enforceable under the “bargain” theory of consideration?
  2. Homeowner enters into a contract with Flooring Company to refinish Homeowner’s hardwood floors on October 15 and 16. The contract price is $4,000, payable after the completion of the work. Flooring Company fails to do any of the work, and Homeowner pays Flooring Company nothing. Homeowner has to pay $4,400 to another flooring contractor to refinish his floors. Which of the following correctly describes Homeowner’s “expectation interest”?
  3. Which of the following contracts is subject to applicable provisions of the Uniform Commercial Code?
  4. Buyer and seller contract for Buyer to purchase and Seller to sell as many widgets as Buyer requires each month for the following 12 months, at a cost of $25 per widget. Choose the best answer:
  5. $125,000, if the local zoning authority will approve Buyer’s request to grant a variance from the local zoning ordinance, which currently only allows houses in this part of town to be used as residences. The contract between Buyer and Seller is
  6. Which of the following benefits can be recovered under the doctrine of restitution and not under the doctrine of consideration?
  7. Which of the following contracts is subject to the CISG?
  8. Which of the following is a false statement regarding consideration?
  9. Which of the following is a gift promise, unenforceable under the “bargain” theory of consideration?
  10. Which of the following policies is not one that the Uniform Commercial Code is designed to further?
  11. A contract to settle a lawsuit is supported by consideration, even if the claims made in the lawsuit are invalid,
  12. True or False: The Uniform Commercial Code does not include a provision defining consideration or bargain, so contracts for the sale of goods never require consideration.
  13. Where a promisor’s motive is mixed, and her promise is made, in part to obtain a return promise, and in part to make a gift, the mixed motive of the promisor will not prevent the promise from being consideration, if bargained for.
  14. An agreement modifying a contract governed by the UCC does not require any consideration to be binding, but must be made in good faith.
  15. A contract is a contract in which the parties exchange a promise for a return performance.
  16. When a promisor makes a promise in which he reserves so much discretion regarding whether he will perform the promise or not, that the promise is impossible to breach, the promise is called an
  17. Two parties enter into a services agreement called the Original Services Agreement. One month later they want to modify that agreement, and they agree to a Revised Services Agreement. The Revised Services Agreement requires some consideration in addition to the performances required under the Original Services Agreement in order to be binding under the duty rule.
  18. Banker promises to Customer that the Bank will make a loan to the Customer’s son if the Customer promises that, if the son fails to repay the loan, the Customer will pay any balance on the loan to the Bank immediately. Customer agrees. Later the Customer’s son defaults on repaying the loan. Customer argues that his agreement is unenforceable against Customer, since the Bank provided no benefit to the Customer and only provides a benefit to the son. Is this argument correct? Explain your answer.
  19. Angus is a drywall contractor. He learns that his neighbor, Bonnie, had some water damage and has been talking to Drywall Solutions, another drywall contractor, to complete the repairs. Angus tells Bonnie that she does not need to hire a drywall contractor, and that he will perform the work at no cost if Bonnie will supply the drywall materials. Bonnie calls Drywall Solutions, who had offered to do the work for
$2.99
Add to Cart

has been added to your cart!

have been added to your cart!

  • Liberty University