Question

Question 112 pts

Accord and satisfaction only applies to liquidated debts.

Group of answer choices

True

False

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Question 122 pts

Which of the following is an exception to the consideration requirement?

Group of answer choices

All of these

Promissory Estoppel

Promises to pay debts whose enforcement is barred by the statute of limitations

Charitable subscriptions

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Question 132 pts

Illusory promises have no consideration because they do not have "legal value."

Group of answer choices

True

False

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Question 142 pts

Under the UCC, modification of a contract does not require any new consideration.

Group of answer choices

True

False

Answer 1

112. False. Accord and satisfaction applies to unliquidated debts.

• Requirements for accord and satisfaction includes: Unliquidated debt, debtor pays amount agreed by the parties to the contract and creditor agrees to accept as full payment a sum which is less than the amount he actually claims

122. All of these

• Consideration means exchange of anything having value by the parties to the contract. All the three examples are not required to have consideration in order to be enforceable by law.