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The performance of a pre-existing contractual duty which is neither doubtful nor the subject of an honest dispute is legally sufficient consideration to support a second contract.

A) True
B) False

Correct Answer

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A modification of a preexisting contract occurs when the parties agree to change one or more of its terms.

A) True
B) False

Correct Answer

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In the Pearsall v. Alexander case, the court found that by exchanging mutual promises to share in proceeds of lottery tickets, the parties entered into a valid, enforceable contract.

A) True
B) False

Correct Answer

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Although such a gratuitous promise would be otherwise unenforceable, under the UCC, any claim arising out of an alleged breach of contract can be discharged by a written renunciation signed and delivered by the aggrieved party.

A) True
B) False

Correct Answer

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Exclusive dealing contracts are illegal and void.

A) True
B) False

Correct Answer

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verified

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