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Homework answers / question archive / East Mississippi Community College ECON 2123 Chapter 15-CONSIDERATION TRUE/FALSE 1)Generally, a promise is legally enforceable even if nothing is given or received for the promise

East Mississippi Community College ECON 2123 Chapter 15-CONSIDERATION TRUE/FALSE 1)Generally, a promise is legally enforceable even if nothing is given or received for the promise

Economics

East Mississippi Community College

ECON 2123

Chapter 15-CONSIDERATION

TRUE/FALSE

1)Generally, a promise is legally enforceable even if nothing is given or received for the promise.

 

                                           

 

  1. Consideration is what a promisor demands and receives as the price for a promise.

 

 

 

  1. The fact that the consideration supplied by one party is slight when compared with the burden undertaken by the other party is immaterial.

 

 

 

  1. Consideration always must be an act or the promise to perform an act.

 

                                           

 

  1. Consideration is the bargained-for exchange between the parties to a contract.

 

 

 

  1. One promise may serve as consideration for many return promises.

 

 

 

  1. A promise to make a gift is enforceable.

 

                                           

 

  1. Charitable subscriptions by which individuals make pledges to finance the construction of a college building, a church or another structure for charitable purposes are binding to the extent that the donor should have reasonably realized that the charity was relying on the promise in undertaking the building program.

 

 

 

  1. True consideration occurs only when the value of one promise is equal to the value of the promise given by the other party.

 

                                           

 

  1. The promise of a creditor to refrain from collecting a debt is consideration for a promise by the debtor to modify the terms of the transaction.

 

 

 

  1. Forbearance may constitute consideration.

 

 

 

  1. An unenforceable promise will constitute consideration as long as the parties to the contract appear to be in agreement.

 

                                           

 

  1. A promise that in fact does not impose any obligation on the promisor is known as an elusive promise.

                                           

 

  1. A binding contract cannot contain a cancellation provision.

 

                                           

 

  1. Ordinarily, doing or promising to do what one is already under a legal obligation to do is not consideration.

 

 

 

  1. In a contract for the sale of goods, any modification made by the parties to the contract must be supported by consideration to be binding.

 

                                           

 

  1. There is consideration for a partial payment by a debtor in satisfaction of a debt when the payment is made before the debt is due.

 

 

 

  1. With regard to an unliquidated debt, payment by the debtor of less than the amount claimed by the creditor is consideration for the latter’s agreement to release or settle the claim.

 

 

 

  1. If a merchant receives and cashes a check for partial payment of a debt and the check bears the notation that the amount is in full payment of a disputed sum, the total debt is released.

 

 

 

  1. Sara Student wished to pay off her $5,000 student loan. If she sends in a check for $3,000 and the creditor cashes the check, the debt will be fully satisfied provided the check is marked "paid in full."

 

                                           

 

  1. In a composition of creditors, the various creditors of a single debtor mutually agree to accept a fractional part of their claims in full satisfaction of the claims.

 

 

 

 

  1. Past benefits already received by a promisor cannot be consideration for a later promise.

 

 

 

  1. In most states, promises made to another based on moral obligation lack consideration and are not enforceable.

 

 

 

  1. The doctrine of promissory estoppel is also known as the doctrine of beneficial reliance.

 

                                           

 

  1. Under the doctrine of promissory estoppel, a promisor may be prevented from asserting that his or her promise is unenforceable because the promisee gave no consideration for the promise.

 

 

 

  1. Damages recoverable in a case of promissory estoppel are determined by the profits that the promisee expected.

 

                                           

 

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