1.)Maya tells her friend Bob that she is proud of his hard work on animal conservation issues. Maya tells him that she will pay his tuition to law school, so that he can become a lawyer and advocate for endangered iguanas.Bob is admitted to law school, but Maya never pays his tuition.Bob sues Maya.The court should rule that Maya's promise to pay is a/an

a. A Pre-existing duty

b. Forbearance

c. Unenforceable promise (gift)

d. Bargained-for consideration

2.) Maya and Fredrick agreed Maya will buy 30 crickets per week for a period of 12 months from Frederick to feed her iguanas. Later, the parties decide to cancel their contract. They can

a. do thiss since it is an accord and satisfaction.

b.rescind their contract to the extent that it is executory.

c. rescind their contract but only if they make a new contract at the same time.

d. not rescind their contract.

3,)Maya finally opens her new pet store, where she sells rare iguanas.After 6 months, she discovers that a shooting range will be built on the land next to hers.She is devastated by the news, since the constant noise will scare the iguanas.She offers the land owners $10,0000 not to build the shooting range.What sort of contract is this?

a. A Pre-existing duty

b. Forbearance

c. Illusory promise

d. Gift

e. No contract, since you can't bargain for someone to do nothing.

4.)Cut-Rate Construction Company (CCC) begins building a pet store so that Maya can sell her iguanas to the public.CCC has agreed to build the store in exchange for $75,000.After 2 months of construction, CCC demands an extra $100,000 or they say they will walk off the job and not complete the construction. Maya agrees to pay since she cannot find another construction company who can finish the building on time. Once the construction is complete, Maya refuses to pay and CCC sues her.How should the court rule?

a. Maya must pay the money since she accepted their offer.

b. Maya must pay because this is an accord and satisfaction.

c. Maya should not be required to pay because her promise to pay lacks consideration under the preexisting duty rule.

d. Maya must pay the money because a promise of this type requires no consideration.

5.)Maya breaks her leg and is having difficulty running her pet store.Frederik, who has been her friend and coworker for years, takes over some of Maya's duties, including cleaning all the iguana poop out of the cages each week.After six months, Maya gets her cast off and is able to resume her work. Maya says to Frederick "I really value your friendship and appreciate everything you did for me while I was unable to work.I am going to give you $500 as a token of my appreciation." Ultimately, however, Maya does not pay him.Can Frederik force Maya to pay him?

a. No, because Maya's statement did not constitute an offer.

b. No, because there was no written contract.

c. No, because Frederik never communicated his acceptance of the offer to Maya.

d. Yes, because Frederik's conduct of cleaning the cages was an acceptance.

e. No, because Maya's offer lacked consideration since all Frederick's work was done in the past.

6.)Maya is injured in an accident caused by Cut-Rate Construction Company (CCC).The owner Billy agrees to pay Maya $2,500 if she signs a release agreement. Maya signs it. IfMaya's damages ultimately exceed $2,500, she can:

a. Collect the balance from Billy in a breach-of-contract suit.

b. Collect the balance from Billy in a tort suit.

c. Collect the balance from Billy by alleging unforeseen events.

d. Not collect the balance from Billy.

7.) Frederick tells Maya: "If I decide to buy an iguana, I will buy the one you have for sale." This statement is a/an

a. Pre-existing duty

b. Forbearance

c. Past consideration

d. Illusory promise

e. Gift

8.) Cut-Rate Construction Company (CCC) begins building a pet store so that Maya can sell her iguanas to the public.CCC has agreed to build the store in exchange for $75,000.After 2 months of construction, Maya is notified that her building site is in the flood plain, and the county will require the building to be built on stilts.CCC demands an extra $100,000 to complete construction based on the new plans fromthe architect. Maya agrees to pay since she cannot find another construction company who can finish the building on time. Once the construction is complete, Maya refuses to pay and CCC sues her.How should the court rule?

a. Maya must pay because this is an accord and satisfaction

b. Maya should not be required to pay because her promise to pay lacks consideration under the preexisting duty rule.

c. Maya must pay the money because a promise of this type requires no consideration

d. Maya must pay the money since she there were unforeseen difficulties.

9.)Maya promises to pay Frederick $500 to install the air conditioning in her pet store.Frederick completes the installation. The act of installing the air conditioning system

a. imposes a strictly moral obligation on Maya to pay Frederick.

b. imposes no obligation on Maya unless she is satisfied with the job.

c. is not sufficient consideration because it is not goods or money.

d. is the consideration that creates Maya's obligation to pay Frederick.

10.)Maya has an agreement with the Atlanta Zoo to supply them with iguanas.Maya believes that her iguanas are on exhibit at the zoo.However, Maya finds out that her iguanas are being fed to the zoo's snakes. She is enraged, and cancels the agreement. The contract with the zoo includes a damage clause awarding $1000 for wrongfully terminating the contract. The zoo wants their $1000.Maya makes a new agreement with the zoo to cancel their old agreement in exchange for $300.This new agreement is

a. Not valid.

b. An accord and satisfaction.

c. A release.

d. Promissory estoppel.

11.)Maya agrees to sell Frederick an iguana for $300. Frederick accepts.A dispute arises between them, and at trial, the evidence shows that the iguana was only worth $200.Based on this evidence, the court would likely

a. Set aside the deal.

b. Force Maya to accept less money.

c. Rewrite the deal.

d. Do nothing, since the parties' agreement shows they were both ok with the price.

12.)Maya buys vegetables to feed the iguanas from Bananas N' More (BNM) fruit distributor. Maya agreed to buy 2 boxes of bananas per week for a period of 12 months to feed her iguanas. The boxes are to be delivered on Tuesday. After one month, Maya asks that her delivery be moved to Friday.BNM agrees, but the following week, her delivery arrives on Tuesday.Which is TRUE about the agreement to change the delivery date?

a. It is part of a bargained-for exchange.

b.It lacks consideration.

c. It is supported by legally sufficient consideration.

d. It is a pre-existing duty.

13.)Frederik catches bugs as a hobby.Maya and Fredrick agreed Maya will buy 30 crickets per week for a period of 12 months to feed her iguanas. The agreement states "Seller may cancel any unshipped portion of this order without penalty if for any reason he discontinues catching crickets."Is there a valid contract?

a. Only if the price is fair.

b.Yes, because there is a valid offer and an acceptance.

c. No, because the promise is illusory.

d. No, if buyer has the right to revoke acceptance.

14.)Maya offers to buy an iguana owned by Frederik for twice what Frederik paid for it. Frederik accepts and hands the iguana to Maya. Frederik's delivery of the iguana is

a. not consideration because unless Maya pays a fair price for it.

b. not consideration because its exchange is not a bargain.

c. consideration.

d. not consideration because its value is legally insufficient.

15.)Maya promises to pay Frederick to work as an assistant manager at her new pet store.Frederick is excited to get a promotion and quits his job with Pick-Rite Grocery.Ultimately, Maya does not hireFrederick.Maya is most likely liable toFrederickunder

a. the concept of accord and satisfaction.

b. no circumstances.

c. the doctrine of promissory estoppel.

d. the preexisting duty rule.

16.)Which of the following statements is FALSE?

a.For consideration to have "legally sufficient value," it must consist of goods or money.

b. A promise by one party to pay another for refraining from an act is enforceable.

c. A transaction that lacks a bargained-for exchange lacks an element of consideration.

d. Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.

17.)Maya files a suit against Iguana Munchies Corporation (IMC) under the doctrine of promissory estoppel. Maya must show that

a. She justifiably refused to fulfill a promise to IMC.

b.She justifiably relied on IMC's promise to her detriment.

c. IMC misrepresented a material fact to her.

d. There was consideration for the promise.

18.)Maya agrees to sell Frederick an iguana for $200.Frederick accepts. If a dispute arises, a court would likely

a. enforce the deal after questioning the adequacy of the consideration.

b. not question the adequacy of the consideration.

c. rewrite the deal after questioning the adequacy of the consideration.

d. set aside the deal after questioning the adequacy of the consideration