Each question is valued at 1 point unless otherwise indicated. Questions should be answered in full sentences; enough detail should be provided to distinguish terms and examples should be given when possible. Higher-valued questions should be answered in more detail than lower-valued questions.

What is the majority and minority view on the concept of "Moral Obligation" and consideration?

What is "Legal detriment" and to whom does it apply?

Compare the Uniform Commercial Code and the common law perspectives on consideration for the modification of an existing contract. (2 points)

Legal benefit what is it and to whom does it apply?

What is an exclusive dealings contact? Also, is such a contract legal?

Define an illusory promise and how it affects a contract.

Explain how the payment or performance of disputed and undisputed debts impacts the concept of consideration (3 points).

Explain how the expiration of the statute of limitations and a discharge in bankruptcy impact the concept of consideration. (2 points)

What effect does a condition have on the legality of given consideration?

Identify and explain the two basic elements required to have valid consideration. (2 points)

Define the phrase "covenant not to compete." In deciding whether to enforce a covenant not to compete, what factors do the courts look at? (2 points)

Are gambling agreements generally enforceable?

Define the term "Adhesion contracts" (2 points).

What are Blue laws and are there any examples today (2 points)?

What effect does an agreement to commit a tort have on the enforcement of the agreement?

Define the term "unconscionable contract" and provide an example (2 points).

Define the term "exculpatory clause".

Define the terms "revenue license" and "regulatory license" and describe the purpose of each (2 points).

Distinguish the effect of the lack of a revenue license and a regulatory license on the enforcement of a contract. (2 points)

Define the term "usury statutes."

If one is adjudicated insane by a court proceeding, what effect does this have on a contract entered into by that person?

What is the majority view of what happens when a minor disaffirms a contract?

When can a minor disaffirm a contract and how is disaffirmance done? (2 points)

Does the lack of capacity relieve a minor from liability on all types of contracts?

What is meant by the term ratification, and how can ratification be done? (2 points)

What effect does incompetency have on one's contractual capacity and the enforcement of a contract?

What effect does intoxication have on one's contractual capacity and the enforcement of a contract?