Book Opener

Consider the key terms in the list below. Then use these terms tocomplete the following exercises.gratuitousconsiderationbenefitdetrimentfirm offeraccord and satisfactionpast considerationsealpromissory estoppelforbearanceunconscionablerelease1. Write a brief play in which two or more of the characters areinvolved in a contract negotiation. Make sure that the dialogue youcreate uses each of the key terms.2. Select members of your class to play each of the character roles inyour play. Practice your lines together, and make sure that you useeach of the key terms correctly.3. Present your play to the class. When you are finished, have classmembers in the audience critique your performance. Next, haveyour classmates provide definitions of each of the key terms basedon the play that you present.Self-Check Quiz Visitthe UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.com andclick on Chapter 8:Consideration—Self-Check Quizzesto prepare for thechapter exam.Answer the following questions. Refer to the chapter for additional reinforcement.4. Name the three promises that, when made, constitute a bargained-for exchange.5. What does the term unconscionable mean as it pertains to consideration? Describethe circumstances that frequently exist when an unconscionable agreement arises.6. How does the court view charitable pledges? Explain your answer.7. What is an illusory promise? Provide an example.8. Can a preexisting duty be consideration? Why or why not?9. What is a release?10. What is an option?11. What is accord and satisfaction?Chapter 8: Consideration 181