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16 Cards in this Set
- Front
- Back
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consideration |
is what a person demands and generally must receive in order to make his/her promise legally binding |
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gift |
is a transfer of ownership without receiving anything in return |
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donor |
the person giving the gift |
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donee |
the person receiving the gift |
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forbearance |
to not do something- look beneath the promise |
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promisor |
a person promising an action or forbearance |
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promisee |
the person whom the promise is made |
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legal value |
means there has been a change in a party's legal position as a result of the contract |
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nominal consideration |
the token amount started instead
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output contract |
a steel company may buy all of the output of nearby coal mining company
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requirement contract |
a carburetor manufacturer may agree to supply all of the needs of carburetor needed for the production of a certain make of a vehicle |
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liquidated deebt |
is one where the parties agree that the debt exists and on the amount of the debt |
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accord and satifaction |
a payment offered in full settlement by the debtor and accepted by a creditor settles the claims |
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release |
party settles a claim at the time the tort occurs and the liability is liquidated because the extent of damages in uncertain |
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composition with creditors |
agreement by all editor to accept something less than the total amount of their claim as full payment |
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past consideration |
act that has already been performed cannot be consideration for a promise in the presents |
