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Question 1
Cornelius promises that he will give Tony breakfast every morning if Tony promises to come over every morning and walk Cornelius's dog. Tony agrees. Cornelius and Tony have a:
Correct
Incorrect!
Correct A bilateral contract is a contract in which the parties exchange a promise for a promise. Here, Cornelius promises to feed Tony and Tony promises to walk Cornelius's dog. They have exchanged a promise for a promise so they have made a bilateral contract. Further, the contract is enforceable because each party's promise is consideration for the other party's promise. Therefore, B is the correct answer.
Incorrect! A bilateral contract is a contract in which the parties exchange a promise for a promise. Here, Cornelius promises to feed Tony and Tony promises to walk Cornelius's dog. They have exchanged a promise for a promise so they have made a bilateral contract. Further, the contract is enforceable because each party's promise is consideration for the other party's promise. Therefore, B is the correct answer.
Correct
Incorrect!
Question 2
Cornelius promises that he will give Tony breakfast next Monday morning if Tony comes over next Monday morning and walks Cornelius's dog. Tony agrees. Cornelius and Tony have a:
Correct A unilateral contract is a contract in which the parties exchange a promise for an act. Here, Cornelius promises to feed Tony in exchange for Tony walking Cornelius's dog. They have exchanged a promise for an act so they have made a unilateral contract. Further, the contract is enforceable because each party's obligation under the contract is consideration for the other party's obligation. Therefore, A is the correct answer.
Incorrect! A unilateral contract is a contract in which the parties exchange a promise for an act. Here, Cornelius promises to feed Tony in exchange for Tony walking Cornelius's dog. They have exchanged a promise for an act so they have made a unilateral contract. Further, the contract is enforceable because each party's obligation under the contract is consideration for the other party's obligation. Therefore, A is the correct answer.
Correct
Incorrect!
Correct
Incorrect!
Question 3
Cornelius is going on vacation for a week and he hires Tony to come over every morning while Cornelius is gone and feed Cornelius's dog. Tony forgets to feed the dog and, by the time Cornelius returns from his vacation, the dog has starved to death. Cornelius is furious and threatens to sue Tony. Tony promises to pay Cornelius $5,000 if Cornelius promises not to sue Tony. Cornelius agrees. This agreement is:
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct Typically, we think of valid consideration as something that each party either affirmatively does or promises to do. However valid consideration can also consist of promises to forbear and actual forbearance from performing acts that one is legally entitled to perform. Here, Cornelius had every right to sue Tony and so the promise not to do so is valid consideration for Tony's promise to give Cornelius $5,000. Therefore, this agreement is enforceable and D is the correct answer.
Incorrect! Typically, we think of valid consideration as something that each party either affirmatively does or promises to do. However valid consideration can also consist of promises to forbear and actual forbearance from performing acts that one is legally entitled to perform. Here, Cornelius had every right to sue Tony and so the promise not to do so is valid consideration for Tony's promise to give Cornelius $5,000. Therefore, this agreement is enforceable and D is the correct answer.
Question 4
Tony is an old man who has lived in the same house for forty years. Cornelius, an eighteen-year-old high school senior, and his family have lived next door to Tony since Cornelius was two years old. Tony has watched Cornelius grow up and, over the years, he has developed a special affection for Cornelius. Tony knows that Cornelius has been saving to buy a car and, a week before Cornelius graduates from high school, Tony promises Cornelius that he will give him $10,000 as a graduation present. A few days after graduation, Tony dies and his estate refuses to give Cornelius the $10,000 that Tony promised him. If Cornelius sues Tony's estate for the money, he will:
Correct
Incorrect!
Correct
Incorrect!
Correct Unfortunately for Cornelius, while Tony's gesture was very nice, it was also unenforceable. When Tony made the promise to give Cornelius the money, he did not receive anything, either an act or a promise, in return. Therefore, the promise was not a bargain promise because Tony did not receive any consideration for it. As such, Tony's estate does not have to give Cornelius the money that Tony promised him and C is the correct answer.
Incorrect! Unfortunately for Cornelius, while Tony's gesture was very nice, it was also unenforceable. When Tony made the promise to give Cornelius the money, he did not receive anything, either an act or a promise, in return. Therefore, the promise was not a bargain promise because Tony did not receive any consideration for it. As such, Tony's estate does not have to give Cornelius the money that Tony promised him and C is the correct answer.
Correct
Incorrect!
Question 5
Tony is an old man who has lived in the same house for forty years. Cornelius, an eighteen-year-old high school senior, and his family have lived next door to Tony since Cornelius was two years old. Tony has watched Cornelius grow up and, over the years, he has developed a special affection for Cornelius. Tony knows that Cornelius has been saving to buy a car and, a week before Cornelius graduates from high school, Tony promises Cornelius that he will give him $10,000 as a graduation present. Immediately after Tony makes the promise, Cornelius, who already has $3,000 saved up, buys himself a new Toyota Matrix. A few days after graduation, Tony dies and his estate refuses to give Cornelius the $10,000 that Tony promised him. If Cornelius sues Tony's estate for the money, he will:
Correct Tony's promise to Cornelius was not a bargain promise because he did not receive anything, either an act or a promise, in return. Therefore, Tony technically did not receive any consideration for his promise and the promise should be unenforceable. However, Cornelius did rely on Tony's promise and, under the enforceable factor approach to consideration that modern contract law uses, reliance is considered valid consideration that makes otherwise unenforceable promises enforceable. That being the case, Tony's estate must pay Cornelius the $10,000 that Tony promised him and A is the correct answer
Incorrect! Tony's promise to Cornelius was not a bargain promise because he did not receive anything, either an act or a promise, in return. Therefore, Tony technically did not receive any consideration for his promise and the promise should be unenforceable. However, Cornelius did rely on Tony's promise and, under the enforceable factor approach to consideration that modern contract law uses, reliance is considered valid consideration that makes otherwise unenforceable promises enforceable. That being the case, Tony's estate must pay Cornelius the $10,000 that Tony promised him and A is the correct answer