chapter 15 consideration

In which of the following situations is a consideration valid?

When past consideration is given with expectation of future payment

Brian offers to sell Rachel his computer for $200. Rachel says that she will look at the computer in the morning, and if she likes it she will buy it for $200. At this point, Rachel has not committed to doing anything. This is an example of a(n):

illusory promise. the law considers this an illusory promise—it is not a promise at all.

When there is no dispute over the amount of debt or existence of debt, it is referred to as a _____

liquidated debt

For an unliquidated debt, _____.

once the debtor pays the amount agreed on by both the parties, the debt is fully discharged

In a liquidated debt, _____.

once the debtor provides a different, agreed, performance, the debt is satisfied and the creditor may not collect anything else

Promissory estoppel occurs when three conditions are met:

one party makes a promise knowing the other party will rely on it, the other party does rely on the promise, and the only way to avoid injustice is to enforce the promise.

In a unilateral contract, if one party's consideration is a promise, the:

other party's consideration will be an act.

A debt is unliquidated when:

the parties dispute over the existence or amount of the debt.

If a party to a contract asks for an additional amount of money and agrees to do more work than the contract requires, the result is that the promise:

to do the extra work is valid consideration.

A creditor's promise to accept less than owed,

when the debtor is already obligated to pay the full amount, is not binding.