Acct 3130 M50 Fall 2015 ONLINE Exam 2 (Ch 15,16,19,24,26-29)

Jul 25th, 2016
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Question 1. Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during the spring semester in exchange for having his tuition paid for the fall semester. The uncle agrees; but after Sam has lost 10 pounds and exercised all semester, Bob refuses to pay saying that no contract existed. Which of the following is true? Consideration was present, there was an enforceable contract, and Bob has wrongfully refused to pay. There was no consideration present, and Bob has no obligation to pay. There was no consideration present, but Bob must pay under principles of promissory estoppels. There was consideration present, but Bob is not required to pay because the contract was illusory. There was consideration present, but Bob is not required to pay because Bob did not receive a benefit personally. 2. In a bilateral contract, the consideration for each promise is ______. A completed act The beginning of action in acceptance, even if it is not complete An acknowl

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Acct 3130 M50 Fall 2015 ONLINE Exam 2 (Ch15,16,19,24,26-29)Question1. Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during thespring semester in exchange for having his tuition paid for the fall semester. The uncle agrees;but after Sam has lost 10 pounds and exercised all semester, Bob refuses to pay saying that nocontract existed. Which of the following is true?Consideration was present, there was an enforceable contract, and Bob has wrongfully refused topay.There was no consideration present, and Bob has no obligation to pay.There was no consideration present, but Bob must pay under principles of promissory estoppels.There was consideration present, but Bob is not required to pay because the contract wasillusory.There was consideration present, but Bob is not required to pay because Bob did not receive abenefit personally.2. In a bilateral contract, the consideration for each promise is ______.A completed actThe beginning of action in acceptance, even if it is not completeAn acknowledgementA return promiseAn agreement3. What did the court rule in the case in the text, Labriola v. Pollard Group, Inc., regardingwhether the noncompete agreement at issue in the case was enforceable?The court ruled that the noncompete agreement was enforceable because the employee receivedindependent consideration for it in the form of increased wages.The court ruled that the noncompete agreement was enforceable because the employee rece

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