1. Companies that file chapter 11 bankruptcy may use the bankruptcy process to reject unexpired leases and executory contracts. Group of answer choices True False

2. The UNT department of psychology contacts a number of its alumni to donate money to build a new million-dollar lab within the psychology department. An alum of UNT, Dr. Phil promises to donate $800,000 for the lab. In reliance on the promise, the psychology department builds the new lab. Is Dr. Phil obligated to pay the money? Group of answer choices Yes, under the doctrine of promissory estoppel No, because there was no consideration for Dr. Phils promise Yes, because there was consideration for Dr. Phils promise No, because they did not name the lab after Dr. Phil

3. Colleen Coed is 21 years old and needs a car. She goes to a dealer with her father, and purchases a new Toyota for $25,000, of which $23,000 is financed. Colleen's credit is poor, so before she signs all the paperwork, the sales manager asks Colleen's father "If your daughter does not timely pay, will you step up and pay the debt?" Colleen's father answered "Yes." Is her father's promise to pay Colleen's debt enforceable? Group of answer choices yes, because it is supported by consideration no, because Colleen lacked contractual capacity no, because it is illegal for creditors to require sureties no, because contracts to pay the debts of another are covered by the statute of frauds and must be in writing

4. Greta Guardian has been appointed by a court to be guardian of Lucille Looney, Greta's elderly mother who suffers from dementia. Lucille Looney walks out of her nursing home one day and signs a contract to buy a $5 million house. The contract is: Group of answer choices valid voidable void illusory

5. Harvey Hero rescues Sally Stranded from the floods in Houston. Sally thanks Harvey and promises to pay him $25,000 tomorrow for rescuing her. Is she obligated to pay? Group of answer choices Yes, because Sally was benefitted by the rescue, and therefore there was consideration for her promise No, because $25,000 is too much to pay for a rescue Yes, because heroes should be rewarded for their efforts No, because past performance cannot constitute consideration for a new promise

6. If a person is required to pay $5.00 for chance to win a prize, the game is more likely not to be illegal gambling if it involves:_______. Group of answer choices skill chance both of the above neither of the above

7. The following facts apply to the next 2 questions. Peter Painter agrees to paint Harry Homeowners house for $1,000. Harry lives in a 2 bedroom house with about 1,000 square feet. Harry transfers his rights and duties under the agreement to his brother, Henry Homeowner. Henry lives in a 6 bedroom, 4500 square foot house. What is the transfer of rights called? Group of answer choices transfer assignment delegation novation

8. Is the transfer of rights to Henry valid--i.e. can Peter be compelled to paint Henry's house for $1,000? Group of answer choices Yes, because the agreement was not under the statute of frauds No, because of the parol evidence rule Yes, because a deal is a deal No, because the assignment would materially increase the burden upon Peter Painter