1. Lesson 9-1 Quiz Review
“Answer” each of these

2. What is the name of the party who gives a gift and the name of the party who receives a gift? ANSWER: Donor (Gift giver) and Donee (Gift receiver)

3. These 3 elements must be proven for consideration to exist
These 3 elements must be proven for consideration to exist? ANSWER: Give, trade and legal value (Give is the promise, trade is proof the promise was completed and legal value means the party gains something as a result of the agreement that has value)

4. A courts job when determining consideration is that its ____, not necessarily _______? Why? ANSWER: Fair, Equal… Why? A courts job is to make sure the parties got what they expected, not try to decide the value of items. Value is the responsibility of the contract parties

5. T/F: “Gifts” contain consideration. Explain your answer. ANSWER: False
T/F: “Gifts” contain consideration. Explain your answer? ANSWER: False! Gifts are social agreements usually and therefore no consideration is given to donor

6. This is the legal term meaning someone took on a responsibility that would not have? ANSWER: Legal Detriment

7. This is the legal term meaning someone gained something because of the contract? ANSWER: Benefit

8. What is the most commonly exchanged items when showing consideration in a contract? ANSWER: Legal Benefit for legal benefit (Ex: Go to a store to buy milk. You get milk the store gets your money. Both benefits)

9. This is the legal concept that distinguishes between social promises and actual contractual agreements? ANSWER: Consideration (Both sides gain something “Fair” not necessarily equal)

10. This is defined as a promise “NOT” to do something I have a legal right to do? ANSWER: Forbearance (Ex: Go to a bank asking for your student loan to be not paid while you look for employment)

11. Who are the 2 parties involved when a promise is made
Who are the 2 parties involved when a promise is made? ANSWER: Promisor (Person making the promise) and Promisee (Person who the promise was made to)

12. What is a token or small amount of consideration and why is this even used? ANSWER: Nominal Consideration. Its used to create a contract when one party wants to gift something to someone else, but make the gift legal.

13. Courts do not determine economic value as long as this is present
Courts do not determine economic value as long as this is present? ANSWER: Genuine Assent (Meaning, you entered the contract under your own free will now YOU must live with the consequences of your actions, as long as what you got was fair)

14. What must be shown in order for a promise to be legally enforceable
What must be shown in order for a promise to be legally enforceable? ANSWER: The promise (Person the promise was made to) took on a legal detriment. Meaning, the deserve to be paid for doing what they promised because they would not have completed the work otherwise…