GOVT404 EXAM WITH BEST ANSWERS

Which of the following is a false statement regarding consideration? Selected Answer: An unfair bargain cannot constitute consideration since nobody would genuinely bargain for a contract that is not fair.  Questio ...

Which of the following is a false statement regarding consideration? Selected Answer: An unfair bargain cannot constitute consideration since nobody would genuinely bargain for a contract that is not fair.  Question 2 5 out of 5 points Which of the following can serve as consideration? Selected Answer: Both a and b.  Question 3 5 out of 5 points Angus is a drywall contractor. He learns that his neighbor, Bonnie, had some water damage and has been talking to Drywall Solutions, another drywall contractor, to complete the repairs. Angus tells Bonnie that she does not need to hire a drywall contractor and that he will perform the work at no cost if Bonnie will supply the drywall materials. Bonnie calls Drywall Solutions, which had offered to do the work for $3,000, and tells them not to come. Angus subsequently refuses to do the work. Bonnie has to pay a third drywall contractor $4,000 to complete the job. What argument should Bonnie make to recover from Angus? This study source was downloaded by 100000860583932 from CourseHero.com on 01-29-2023 06:13:33 GMT -06:00 https://www.coursehero.com/file/42682895/GOVT404QUIZ2docx/ Selected Answer: That Bonnie relied on Angus’s promise to her detriment.  Question 4 5 out of 5 points True or false: An agreement modifying a contract governed by the UCC does not require any consideration to be binding, but must be made in good faith. Selected Answer: Tru e  Question 5 5 out of 5 points Bookstore, Inc., an independent bookstore, is looking for a new location. It agrees to buy a small house from Jones for $165,000 if the municipal zoning board will approve Bookstore, Inc.’s request for a variance from the local zoning ordinance, which currently only allows houses in this part of town to be used as residences. The contract between Bookstore, Inc. and Jones is Selected Answer: Enforceable, because Bookstore, Inc. has made an enforceable conditional promise.  Question 6 0 out of 5 points True or false: A gift promise is generally unenforceable, unless the promisee reasonably and justifiably relies upon it. This study source was downloaded by 100000860583932 from CourseHero.com on 01-29-2023 06:13:33 GMT -06:00 https://www.coursehero.com/file/42682895/GOVT404QUIZ2docx/ Selected Answer: Fals e  Question 7 5 out of 5 points Baxter has been an employee of Shipping Company for seven years. His manager notices that he has been working late, making sure that the company trucks are properly cleaned out, stored, and locked up in the company garage at the end of each workday. The manager tells Baxter that he appreciates his hard work, that Baxter should not feel obligated to stay late to lock up the equipment anymore, and that Baxter can expect a $250 bonus in his next paycheck because of his past efforts. Is the manager’s statement enforceable based on the theory of consideration? Selected Answer: No, the manager’s promise was not a bargained-for exchange, since Baxter had already done the work.  Question 8 5 out of 5 points Which case provides an example of a court applying the pre-existing duty rule? Selected Answer: Alaska Packers’ Assn. v. Domenico  Question 9 5 out of 5 points Hawke wears a gold medallion, passed down from his grandfather, at all times. He is distraught one day when he returns home from work and This study source was downloaded by 100000860583932 from CourseHero.com on 01-29-2023 06:13:33 GMT -06:00 https://www.coursehero.com/file/42682895/GOVT404QUIZ2docx/ realizes that the medallion apparently detached from its chain and fell to the ground at some point during the day. He posts signs in the office building where he works and in the adjacent parking garage, offering a $300 reward to anyone who finds the medallion and returns it to him. Rhonda, one of Hawke’s co-workers, finds the medallion in an office stairwell, recognizes it as Hawke’s, and returns it to him, not knowing that Hawke has offered a reward for its return. Choose the best answer: Selected Answer: Hawke does not owe Rhonda $300 because she did not return the medallion as a bargain for the $300.  Question 10 0 out of 5 points Bob is a personal athletic trainer. He is speaking with his friend Jonnie while riding the bus to work. During the bus ride, the two discuss Bob providing Jonnie with personal training sessions. Bob provides personal training sessions to Jonnie, but Jonnie does not pay for them. Which of the following could be a viable theory of recovery against Jonnie? Selected Answer: The agreed price for personal training services provided by Bob in exchange for a promise by Jonnie to pay for the services.  Question 11 5 out of 5 points Which statement most accurately describes the difference between the expectation interest and reliance interest in contract damages? Selected Answer: Expectation interest is the amount of dama