Based on moral consideration are generally enforceable

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1. Consideration in a contract is just the promises exchanged by the parties. True False

2. The promise to refrain from doing something that a party has a legal right to do, or the promise of inaction, is known as: A) incorporation B) forbearance C) general release D) pledge or subscription

3. A party who makes a promise is called a(n) ________. A) promisor B) promisee C) incorporator D) organizer

4. The three essential characteristics of valid consideration are: A) accuracy, brevity, and clarity. B) fulfillment of social, moral and ethical obligations C) legality, adequacy, and the possibility of performance D) intention, practices, and policies

5. A valid contract does not exist if the consideration is a promise to perform an illegal act, or to avoid performing an act that is legally required to be performed. True False

6. If a contract requires a person to do something he or she is already required to do, such as obey all traffic laws, the contract is: A) enforceable B) not enforceable C) illegal D) impossible

7. Charitable organizations frequently raise money by asking for: A) discounts B) bribes C) pledges D) corporate shares

8. The UCC provides that "any claim or right arising out of an alleged breach can be discharged in whole or in part without consideration by a written waiver or renunciation signed and delivered by the aggrieved party." Such a written agreement is called a: A) corporate release B) general release C) barren promise D) preexisting duty

9. Statutes in many states have permitted a person who has a claim against another to give up, or release, his or her claim without an exchange of consideration by making a: A) motion in local court B) soliloquy to that effect. C) written statement to that effect D) complaint to that effect

10. The most common form of valid consideration is the promise of money by one party for the promise of an act by another. True False

11. Agreements not to compete do not have valid consideration. True False

12. A promise to pay an existing debt or to obey the law, or a similar promise, is called a: A) pledge B) gratuitous promise C) barren promise D) covenant

13. The obligation to perform acts already required is known as a: A) pious obligation B) corporate duty C) social obligation D) preexisting duty

14. A person who makes a promise without requiring some benefit in return has made a: A) gratuitous promise B) barren promise C) pledge or subscription D) onerous contract

15. Contracts based on moral consideration are generally enforceable. True False

Reference no: EM132300580

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