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Multiple Choice Quiz
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1
__________ is what a person will receive in return for performing a contract obligation.
A)Remuneration
B)Reciprocity
C)Collaboration
D)Consideration
2
According to the __________ rule, performance of a duty you are already obligated to do under the law is not valid consideration.
A)Prefatory obligation
B)Preexisting duty
C)Preliminary duty
D)Primary obligation
3
Under Uniform Commercial Code (UCC) Article 2 (sale of goods), an agreement modifying a contract needs __________ consideration to be binding.
A)No
B)Minimal
C)Equitable
D)Conditional
4
A(n) __________ contract is an agreement whereby the buyer agrees to purchase all of his goods from one seller.
A)Requirement contract
B)Output contract
C)Indefinite
D)Illusory
5
A(n) ___________ contract is an agreement whereby the seller guarantees to sell everything she produces to one buyer.
A)Requirement contract
B)Output contract
C)Indefinite
D)Illusory
6
In a(n) __________ debt, there is no dispute about the fact that money is owed, and the amount of money owed.
A)Liquidated
B)Unliquidated
C)Illiquid
D)Fluid
7
In a(n) __________ debt, the parties either dispute the fact that any money is owed, or agree that some money is owed but dispute the amount.
A)Liquidated
B)Unliquidated
C)Illiquid
D)Fluid
8
All of the following are requirements necessary for an "accord and satisfaction" to be enforceable, except:
A)The debt is unliquidated
B)The debt is liquidated
C)The creditor agrees to accept as full payment less than the creditor claims is owed
D)The debtor pays the amount he/she has agreed to pay
9
__________ is required in every contract.
A)Money
B)Property
C)Consideration
D)None of the above
10
__________ occurs when one party makes a promise knowing the other party will rely on it, the other party does rely on it, and the only way to avoid injustice is to enforce the promise.
A)Forbearance
B)Promissory estoppel
C)A crime
D)A tort





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