Damages, Promissory Estoppel, Promisor, Party, Services, Business Law Final Quiz
The key terms in this Business Law course include Damages, Promissory Estoppel , Written, Promisor, Party, Services, Profits, Promisee, Consideration, Contract, Agreement, Courts, Business Law Final Quiz
____ 1. What damages are recoverable in a case of promissory estoppel?
| a. | profits that the promisor expected |
| b. | profits that the promisee expected |
| c. | an amount necessary to restore the promisee to the position he or she would have been in had the promisee not relied on the promise |
| d. | an amount necessary to restore the promisor to the position he or she would have been in had the promisor not relied on the promise |
____ 2. Consideration is not required in:
| a. | contracts for the sale of goods. |
| b. | employment contracts. |
| c. | agreements to modify employment contracts. |
| d. | agreements to modify contracts for the sale of goods. |
____ 3. The courts will consider the adequacy of the consideration when:
a. one party clearly has the better of the deal.
b. one party has more business experience than the other.
c. one party claims to have been defrauded.
d. one party shows a much lower price nationally advertised on television.
____ 4. Ordinarily, a promise to perform an existing legal obligation is:
a. not consideration.
b. binding if the promisor promises to perform with extra care.
c. binding if the promisor promises to perform to suit the personal satisfaction of the promisee.
d. binding if substantial loss would be caused the promisee by a breach of the promise.
____ 5. When a person has performed services under an oral contract that cannot be enforced because of the statute of
frauds, such person:
a. can recover the agreed payment for the services because a refusal to make payment would be a breach of the contract.
b. can recover the reasonable value of the services because there is a quasicontractual duty to pay for the benefit received from such services.
c. cannot recover the value of the services because they were rendered under a unilateral mistake of law.
d. can have the party receiving the services arrested for obtaining property by false pretenses.
____ 6. Writings that are incorporated by reference into a written contract include:
a. only writings that are physically attached to the written contract.
b. writings that the written contract identifies and declares to be part of the written contract.
c. writings that are excluded from the written contract by the parol evidence rule.
d. only writings that are made after the written contract has been executed.