Question

Question 82 pts

Under the UCC, output and requirements contracts are illusory.

Group of answer choices

True

False

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Question 92 pts

Modern contract law has fewer exceptions to the consideration requirement than classical law did.

Group of answer choices

True

False

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Question 102 pts

Agreeing to give up a valid legal claim against another party can be consideration.

Group of answer choices

True

False

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Question 112 pts

Accord and satisfaction only applies to liquidated debts.

Group of answer choices

True

False

Answer 1

82) :- it is true

VALID CONTRACT

A valid contract is defined as a contract which consists of an offer, acceptance, consideration and lack of formation defenses.

92) :- it is false

CONSIDERATION is defined as a legally sufficient, bargained-for-exchange, which induces current performance, detriment to the promisee, and a binding obligation on both parties

102) :- it is true

CONSIDERATION is defined as legally sufficient, bargained-for-exchange, which induces current performance, detriment to the promisee, and a binding obligation on both parties

112) :- it is false

A liquidated debt is involved, and there is neither a satisfaction nor an accord.

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