Question

21.       Consideration

a.         must be something of ascertainable monetary value.

b.         must be something generally agreed upon as having monetary value.

c.         must be something of economic value.

d.         must be something having legal value.

22.       Past consideration

a.         will support a present contract.

b.         will support a contract for manual labor.

c.         is no consideration.

d.         will support a contract by and between corporate shareholders.

23.       As a general rule

a.         courts will scrutinize the adequacy of consideration.

b.         courts will not evaluate the adequacy of consideration.

c.         only arbitrators in an arbitration may evaluate the adequacy of consideration.

d.         adequacy of consideration is barred as an element of litigation under the UCC.

24.       Promissory estoppel

a.         can be applied in business transactions to prevent unfairness.

b.         is inapplicable to business transactions.

c.         cannot be used in UCC transactions

d.         is an obsolete 19^th Century rule of equity.

25.       Parents

a.         are generally not liable for their minor children’s contracts.

b.         are generally liable for their minor children’s contracts.

c.         are generally liable for their minor children’s contracts but can disaffirm the contracts if done promptly.

d.         are generally liable for contracts entered into by a child at least 16 years of age but no older than 18.

26. Unadjudicated mental incapacity

a.         can render a contract voidable.

b.         can render a contract void.

c.         is subject to a separate court proceeding in a contract action.

d.         cannot be used by a plaintiff as a defense to a counterclaim.

Answer 1

Consideration must be something of ascertainable monetary value. [a] (22) past consideration a) will support a present contract [a] (23) As a general rule b) courts will not evaluate the adequacy of consideration [b] (24) promissory estoppel a) can be applied is business transactions to prevent unfairness [a] (25) Parents are generally not liable for their minor children's contracts. [a] (26) Unadjudicated mental incapacity (b) can render a contract void.