1. Matt promised to pay Cameron $5,000 "in appreciation for his eight years of past employment." Matt later changed his mind and refused to pay Cameron the money. Cameron sues Matt. Who should win? A. Matt, because Cameron did not act in good faith when he sued Matt. B. Cameron, because his eight years of service to Matt is consideration for Matt's promise. C. Cameron, because Matt's promise was in writing. D. Matt, because the facts reveal neither consideration for his promise nor a basis for promissory estoppel. 2. Which of the following statements regarding "legal value" is false? A. It cannot be satisfied by a promise. B.It cannot be satisfied by the performance of a preexisting debt. C. It may be satisfied by an act. D. It does not require that consideration have monetary value. 3. In a contract between Ozzy (a retailer) and Zack (a manufacturer of rubber bats), Zack gave Ozzy the sole right to distribute its bats. Which of the following statements is true? A. The contract is illusory because of the indefinite stated number of rubber bats. B. If Ozzy later makes absolutely no effort to sell Zack's bats, Ozzy will still not have violated the contract. C. Regardless of whether the agreement specifically says so, Zack must use its best efforts to keep Ozzy adequately supplied with bats. D. The agreement is a Firm offer contract. 4. On May 1, Ricky agrees to install a concrete driveway at Lucy's house by May 30, in exchange for Lucy's promise to pay $2,300 upon completion of the work. Which of the following statements is true? A. Lucy can hire someone else to do the job without any liability to Ricky if Ricky hasn't completed the job, because until then Ricky has not given any consideration for Lucy's promise. B. Both Lucy and Ricky have given consideration for the other's promise; therefore, neither can refuse to perform without breaching the contract. C. If Lucy later learns that other companies would have done the job for slightly less, she can cancel the contract based on inadequate consideration. D. Ricky can break his contract with Lucy to accept a better paying job because Lucy has not given consideration for Ricky's promise to install the driveway until she pays the $2,300. 5. D owes C a debt the amount of which is subject to a good faith dispute. The parties agree to settle the debt, with D promising to pay C $ 1500 and C promising to release D on the $2500 debt. The settlement agreement: 2 pts A. Is binding under UCC even though there is no consideration. B. Lacks consideration because C is not giving D any legal value. C. Is supported by consideration. D. Lacks consideration because D is promising to perform a preexisting legal obligation. 6.. To rescind a contract based on fraud you must quickly and clearly do so after learning of the fraud, or the k may be ratified. A. True B. False 7. A party's failure to disclose facts can sometimes be a misrepresentation A.True B. False 8. Ms. Moneybags promised her son $1,000,000 because he had been a good kid. The son quit his high paying job, sold his house at a big loss, bought a couple of surfboards, and moved to Tahiti. Moneybags doesn't pay. On these facts. . A. The son should win because Ms. Moneybags is rich. B. The son cannot win if the mom's promise was not in writing. C. Promissory estoppel is the son's best theory for recovery. D. Quasi-contract is the son's best theory for recovery. 9. For dures, a threat must be considered improper. A. True B. False 10. Concealment of a fact through active conduct intended to prevent other party from discovering the fact is still never an assertion of fact A.True B. false Can you PLEASE give me a brief explanation explaining the answers so I can study and be prepared for my finals ! Thank you so much for helping