ch 13 practice quiz missed

Adequacy of consideration refers to

"how much" consideration is given.

Consideration refers to one party's assessment of the other party to a contract.

false

Consideration refers to the objective determination of how much a bargain is worth.

false

The elements of consideration, in a bilateral contract for a sale of goods, are the sale and the goods.

false

Raj defends against a breach-of-contract suit by Student Loan Corporation by claiming that their deal—a student loan—was unfair because the consideration for the contract was inadequate. With respect to Raj's defense, the court will most likely rule in favor of the lender on the ground that

the adequacy of the consideration is not for the court to determine.

A promise is illusory when its performance depends solely on the discretion of the promisor.

true

Painting a garage can constitute "something of legally sufficient value."

true

Providing accounting services is "something of legally sufficient value."

true

To pay on receipt of certain goods is "something of legally sufficient value."

true

Two parties can mutually agree to rescind a contract only to the extent that it has been executed—otherwise, there is nothing to rescind.

true