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FiveStarLaw
FiveStarLaw, Lawyer
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Barry signed an agreement without reading it, but checked off

Customer Question

Barry signed an agreement without reading it, but checked off a box in the agreement that stated:

"By checking this box, you agree that you have read and understood the entire agreement and that all terms contained therein are bargained for."

Which of the following statements most accurately states the legal effect of Barry's conduct?
Submitted: 1 year ago.
Category: Homework
Expert:  FiveStarLaw replied 1 year ago.
Hi,

Thank you for requesting me. How many questions would you like me to answer and what is your deadline?
Customer: replied 1 year ago.










Assume that Bill has a valid claim against Jan for $10,000 due in one year for a loan Bill made to Jan. Later Jan and Bill become good friends and Bill tells Jan she does not have to pay the full $10,000 if she will instead pay him $8,000 within one week. Five days later, Jan pays Bill $8,000. If Bill on year later asserts the breach of contract claim against Jan seeking $2,000 he claims is still owed under the original loan, a court will most likely find that














A

Bill’s surrender of the $10,000 claim is not supported by consideration because Jan had a pre-existing duty to pay $10,000.


B

Bill’s surrender of the $10,000 claim is not supported by consideration if Bill and Jan, later, decide not to be friends.


C

Bill’s surrender of the $10,000 claim is supported by new consideration--the right to receive payment within one week.


D

As a matter of law, friendship cannot be the basis for surrendering a claim.



Expert:  FiveStarLaw replied 1 year ago.
Hi Alessio,

The correct answer is:
C
Bill’s surrender of the $10,000 claim is supported by new consideration--the right to receive payment within one week.
FiveStarLaw, Lawyer
Category: Homework
Satisfied Customers: 36412
Experience: Lawyer, Accountant and Researcher
FiveStarLaw and 7 other Homework Specialists are ready to help you
Customer: replied 1 year ago.










Paul owes Big $10,000. Since Paul has lost his job and cannot afford to pay Big the entire $10,000 owed, Paul wrote a check to Big for $1,000 – all the money that Paul has – and wrote on the back of the check, “Accept only as payment in full of my $10,000 debt.” Big endorsed and cashed the check. Which of the following is the most accurate statement of Paul’s obligation to Big?














A

Paul does not owe anything further to Big since Big cashed the check in spite of the endorsement on the back of the check.


B

Paul still owes $9,000, the balance of the debt, to Big because writing this language on the back of a check will not relieve a debtor of the balance of the debt.


C

Paul does not owe the $9,000 balance of the debt to Big because Big cannot reasonably expect Paul to pay the balance of the debt because Paul has lost his job.


D

Paul still owes the $9,000 balance of the debt to Big if there is no good faith dispute between Paul and Big regarding the amount owed or if Big was not aware of the basis of the dispute.



Expert:  FiveStarLaw replied 1 year ago.
Alessio,

Please tell me how many questions you would like me to answer.

D

Paul still owes the $9,000 balance of the debt to Big if there is no good faith dispute between Paul and Big regarding the amount owed or if Big was not aware of the basis of the dispute.

FiveStarLaw, Lawyer
Category: Homework
Satisfied Customers: 36412
Experience: Lawyer, Accountant and Researcher
FiveStarLaw and 7 other Homework Specialists are ready to help you
Customer: replied 1 year ago.










A owes B $20,000 and A agrees that he will pay back the money to B “so long as my union does not order me to walk off my job.” Later, A’s union orders A to walk off the job. Does A have an obligation to pay B the $20,000 owed?














A

No, A does not have to pay B because A’s promise to pay so long as A is not ordered by his union to walk off the job is outside the control of A.


B

Yes, A has to pay B because his promise in illusory.


C

No, A does not have to pay B because walking off the job when ordered by the union was part of the agreement.


D

Yes, A has to pay B because A obviously knew he was going to go on strike or he would not have included that language in the agreement.



Expert:  FiveStarLaw replied 1 year ago.
B

Yes, A has to pay B because his promise in illusory.

Customer: replied 1 year ago.










Ron promises to take a test for Al and, in exchange, Al promises to babysit for Ron's kids while Ron is on vacation or to pay $500 to Ron that Al has owed to Ron for quite some time. Al's promise to babysit is valid consideration, but Al's alternative promise to pay a debt he already owes to Ron, standing alone is past consideration and not valid.


The Ron-Al agreement is














A

Valid, because Al’s promise to babysit is valid consideration even though Al’s promise to pay the debt he already owes to Ron, is not valid consideration.


B

Not valid, because it has two types of consideration.


C

Valid, because it has two types of consideration.


D

Invalid, because Al’s option to choose to pay the debt he already owed to Ron renders the entire agreement is void for failure of consideration, even though Al’s other option to promise to babysit is valid consideration.



Expert:  FiveStarLaw replied 1 year ago.
Alessio,

Site rules require that you start a new page for each question. You can begin your new question with: "For FiveStarLaw"

The answer to this question is:


Invalid, because Al’s option to choose to pay the debt he already owed to Ron renders the entire agreement is void for failure of consideration, even though Al’s other option to promise to babysit is valid consideration.

Customer: replied 1 year ago.










Which of the following statements is NOT true?














A

A “bad deal” on the part of a party to a contract will render consideration inadequate.


B

It would be an unwarranted interference with freedom of contract if a court were to relieve an adult party from a bad exchange.


C

Generally, courts do not review the adequacy of the consideration of a contract.


D

Economic inadequacy of a detriment is one of the factors courts will consider in determining whether the promisor really exchanged a promise in return for a small detriment.



Expert:  FiveStarLaw replied 1 year ago.
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FiveStarLaw, Lawyer
Category: Homework
Satisfied Customers: 36412
Experience: Lawyer, Accountant and Researcher
FiveStarLaw and 7 other Homework Specialists are ready to help you
Customer: replied 1 year ago.










Barry signed an agreement without reading it, but checked off a box in the agreement that stated:


"By checking this box, you agree that you have read and understood the entire agreement and that all terms contained therein are bargained for."


Which of the following statements most accurately states the legal effect of Barry's conduct?














A

Since Barry really didn’t bargain for anything in the agreement, there is no consideration.


B

Even though Barry did not read the agreement, if the terms objectively contain the appearance of a bargained for exchange, consideration is present.


C

Even though it was foolish for Barry to check box without reading the agreement, it is a likely occurrence so a court will not require Barry to perform the agreement.


D

It is against public policy to enforce a check-off like this if Barry did not, in fact, read the agreement.



Customer: replied 1 year ago.

















Sandy says to Dave, “I promise to buy you lunch if you pay me the $100 you owe me.” Which of the following statements is most accurate regarding Sandy’s promise?














A

Sandy’s promise is illusory and is not consideration.


B

Sandy’s promise is not consideration because Dave’s performance would merely be performance of something Dave was already legally obligated to do.


C

Sandy’s promise is a “sham” and is not consideration.


D

Sandy’s promise is consideration.



Expert:  FiveStarLaw replied 1 year ago.
The reason I have opted out is that I am not permitted to continue to answer questions unless you open a new page.

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