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36) What are two exceptions to the rule requiring consideration? A) A contract under seal and a contract involving a liquidated debt. B) A contract under seal and promissory estoppel. C) A bilateral contract and a unilateral contract. D) Promissory estoppel and an illusory contract. E) A contract under seal and an illusory contract. 37) Which statement is true regarding the adequacy of consideration? A) Courts consider the adequacy of consideration only if something is sold for less than 80% of its market value. B) Courts seldom consider the adequacy of consideration but will do so if fraud is involved. C) Courts consider the adequacy of consideration only if something is sold for less than 90% of its market value. D) Courts consider the adequacy of consideration only if something is sold for less than 70% of its market value. E) Courts generally consider the adequacy of consideration in determining whether to enforce a contract. 38) When will the court consider adequacy of consideration? A) If the court believes fraud or undue influence occurred B) In every breach of contract case. C) If the plaintiff petitions the court to consider adequacy of consideration D) If the defendant petitions the court to consider adequacy of consideration E) Never 39) Which of the following is an example of a situation where the court will consider adequacy of consideration? A) When someone purchases a TV for $500 and later discovers it is worth less than $100. B) When someone purchases a house and discovers later that property values in the neighborhood are falling. C) When someone purchases a car which is later subject to a manufacturer recall. D) The court never considers adequacy of consideration. E) When someone divests himself of all of his assets for a very small amount of money and then declares bankruptcy. 40) Which statement is true regarding illusory promises? A) Illusory promises are not consideration. B) Illusory promises qualify as consideration only when promissory estoppel is at issue. C) Illusory promises qualify as consideration only when past consideration is at issue. D) Illusory promises are consideration. E) Illusory promises are consideration only when a sale of goods is involved. Â Â

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