Reference no: EM133936008

Questions

1. An illusory contract is unenforceable by either party because

1. it is not supported by consideration.

2. the quantity terms in such contracts are always too definite.

3. both of the above

4. neither of the above

2. The Centennial Apartments catch fire. Irene Idiot hears her fire alarm go off and rushes out of the building. Sadly, she has left her baby, Iggy Idiot, inside. Fireman Frank rushes to the scene, and Ned Neighbor watches the action from across the street. Irene yells, "I'll give $500 to anyone who saves my baby." If Neighbor Nedd rescues the baby, can he collect the reward?

1. no, because he had a preexisting duty

2. no, because the promise was illusory

3. no, because he cannot enforce a promise based on past consideration

4. yes

3. The doctrine of promissory estoppel involves

1. a promisee's justifiably induced reliance on a promise to his or her detriment.

2. a promisor's justifiable refusal to fulfill a promise.

3. none of the above.

4. a promise that does not induce a promisee to change position.