Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
consideration |
what a person demands and generally must receive in order to make her or his promise legally binding |
|
|
donor |
person giving the gift |
|
|
donee |
person receiving the gift |
|
|
forbearance |
to not do something |
|
|
promisor |
person promising an action or forbearance |
|
|
promisee |
person to who the promise is made |
|
|
legal value |
change in a party's legal position as result of the contract |
|
|
nominal consideration |
parties either cannot state the amount precisely or do not want to publicize it |
|
|
output contract
|
buying everything from the same place |
|
|
requirement contract |
seller agreeing to supply all the needs of a particular buyer |
|
|
liquidated debt |
where parties agree that the debt exists and on the amount of the debt. |
|
|
accord and satisfaction |
payment offered in full settlement by the debtor by a creditor settles the claim |
|
|
release |
pressure, injured party in the tort will agree to discharge another from liability in return for a monetary payment |
|
|
composition with creditions |
group of creditors agree to receive less than entittled and in return debtor agrees not to file for bankruptcy |
|
|
past consideration |
an act that has already been performed and cannot serve as consideration |
|
|
statute of limitations |
specifies a time for bringing a lawsuit once you become aware of legal clam |
|
|
promissory estoppel |
when brought into use or invoked by the courts ; prevents promisors from stating in court that they did not receive consideration for their promises. |
|
|
gift |
transfer of ownership without receiving anything in return |
