law ch 10 true/false

true

rescission is the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made

false

the doctrine of promissory estoppel requires a clear and definite promise

true

a covenant not to sue is an agreement to substitute a contractual obligation for some other type of action

true

a promise has no legal value as consideration

true

a promise to do what one already has a legal duty to do is not legally sufficient consideration under most consideration

true

consideration is the value given in return for a promise

false

ordinarily, courts evaluate the adequacy of consideration even if the consideration is legally sufficient

false

promises made with consideration based on events that have already taken place are fully enforceable

true

promissory estoppel may prevent a party from using lack of consideration as a defense