Busi Law Questions Exam 3
BUSI LAW QUESTIONS EXAM 3 NEWEST ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
To enforce a contractual promise,there must be an exchange
ofconsideration underlying thebargain.
True
Consideration is the value given inreturn for a promise (in a
bilateralcontract) or in return for performance(in a unilateral contract)
True
Kim promises to pay Leo $500 to install a sump pump in Kim's
warehouse. Leo completes the installation. The act of installing the
pump:
Is the consideration that creates Kim's obligation to pay Leo.
Jen promises to pay Kay $500 because "she does not have as much
money as other people." Jen's promise is
Not enforceable because Kay has not given consideration in return.
Providing accounting services is"something of legally sufficient value."
True
1|Page
, Busi Law Questions Exam 3
Promising to pay on receipt of goods is"something of legally sufficient
value".
True
Sports Bar and Tasty Tacos are adjacent businesses with adjoining
parking lots. Sports Bar offers Tasty a discount on purchases if the
restaurant will not tow the cars of Sports Bar's patrons who park in the
restaurant's lot. The discount is legally sufficient consideration:
Because it is a promise of something of value
To constitute consideration, theremust be a monetary payment
andserious thought underlying eachparty's intent to contract
False
Adequacy of consideration refers to:
"how much" consideration is given.
EcoEnergy LLC files suit against Fiber Optics Inc.,claiming that the
consideration for their contract is inadequate - that the plaintiff will not
realize sufficient financial benefit from the deal to make it worthwhile.
Most likely, the court will:
Not question the adequacy of consideration
2|Page
BUSI LAW QUESTIONS EXAM 3 NEWEST ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!!
To enforce a contractual promise,there must be an exchange
ofconsideration underlying thebargain.
True
Consideration is the value given inreturn for a promise (in a
bilateralcontract) or in return for performance(in a unilateral contract)
True
Kim promises to pay Leo $500 to install a sump pump in Kim's
warehouse. Leo completes the installation. The act of installing the
pump:
Is the consideration that creates Kim's obligation to pay Leo.
Jen promises to pay Kay $500 because "she does not have as much
money as other people." Jen's promise is
Not enforceable because Kay has not given consideration in return.
Providing accounting services is"something of legally sufficient value."
True
1|Page
, Busi Law Questions Exam 3
Promising to pay on receipt of goods is"something of legally sufficient
value".
True
Sports Bar and Tasty Tacos are adjacent businesses with adjoining
parking lots. Sports Bar offers Tasty a discount on purchases if the
restaurant will not tow the cars of Sports Bar's patrons who park in the
restaurant's lot. The discount is legally sufficient consideration:
Because it is a promise of something of value
To constitute consideration, theremust be a monetary payment
andserious thought underlying eachparty's intent to contract
False
Adequacy of consideration refers to:
"how much" consideration is given.
EcoEnergy LLC files suit against Fiber Optics Inc.,claiming that the
consideration for their contract is inadequate - that the plaintiff will not
realize sufficient financial benefit from the deal to make it worthwhile.
Most likely, the court will:
Not question the adequacy of consideration
2|Page
