T/F ACC351 Chapter 11
Ordinarily, courts evaluate the adequacy or fairness 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
False
Consideration is the value given in return for a promise
True
Promissory estoppel may prevent a party from using lack of consideration as a defense
True
Rescission is the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made
True
The doctrine of promissory estoppel requires a clear and definite promise
True
A promise has no legal value as consideration
False
A covenant not to sue is an agreement to substitute a contractual obligation for some other type of action
True
A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances
True