Jane Agreed to Look After Colin's Dog in February If

question 29

Multiple Choice

Jane agreed to look after Colin's dog in February if he would look after her cat in May. In May, Colin refused to look after Jane's cat. Did Colin breach a contract?

• A) Yes, the consideration does not have to be monetary.
• B) Yes, Jane was entitled to reciprocal treatment under the law of equity.
• C) Yes, promissory estoppel requires Colin complete the contract.
• D) No, past consideration is not valid.
• E) No, quantum meruit would apply.

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Definitions:

Revoked

To take back, withdraw, or annul an offer, right, or privilege.

Investment Grade

A rating that indicates a low to moderate risk of default for bonds and other securities, suggesting they are a secure investment.

Bond Ratings

Assessments assigned by rating agencies indicating the credit quality and risk level of bonds, with ratings ranging from high-grade (low risk) to high-yield (high risk).

No Par Value Stock

Shares issued without a nominal or face value, where the value of the stock is determined by the price investors are willing to pay for it in the market.