GOVT 404 (GOVT404) Quiz 2 Questions and Answers (2024/2025)(Verified Answers)

Which of the following is a false statement regarding consideration? Selected Answer: An unfair bargain cannot constitute consideration since nobody would genuinely bargain for a contract that is notfair. • Question 2 5 out of 5 points Which of the following can serve as consideration? Selected Answer: Both a andb. • Question 3 5 out of 5 points Angus is a drywall contractor. He learns that his neighbor, Bonnie, hadsome water damage and has been talking to Drywall Solutions, anotherdrywall contractor, to complete the repairs. Angus tells Bonnie that shedoes 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, which had offered to do the work for $3,000, and tellsthem not to come. Angus subsequently refuses to do the work. Bonnie hasto pay a third drywall contractor $4,000 to complete the job. What argument should Bonnie make to recover from Angus? Selected Answer: detriment. • Question 4 5 out of 5 points True or false: An agreement modifying a contract governed by the UCC does not require any consideration to be binding, but must be made ingood faith. SelectedAnswer: Tru e • Question 5 5 out of 5 points Bookstore, Inc., an independent bookstore, is looking for a new location. It agrees to buy a small house from Jones for $165,000 if the municipal zoning board will approve Bookstore, Inc.’s request for a variance from thelocal zoning ordinance, which currently only allows houses in this part of town to be used as residences. The contract between Bookstore, Inc. andJones is Selected Answer: enforceable conditional promise. • Question 6 0 out of 5 points True or false: A gift promise is generally unenforceable, unless thepromisee reasonably and justifiably relies upon it. SelectedAnswer: False