B Law Ch 12

Front 1

agreement for payment between 2 parties, one of whome has a right of action against the other. After payment accepted or other performance has been made, "accord & satisfaction" is complete and obligation is discharged

Back 1

accord & satisfaction

Front 2

value given in return for a promise/performance; must be present to make contract legally binding; must be something of legally sufficient value and bargained for

Back 2

consideration

Front 3

agreement to substitute a contractual agreement for some other type of legal action based on valid claim

Back 3

covenant not to sue

Front 4

act of refraining from an action that one has legal right to undertake

Back 4

forbearance

Front 5

act done before contract was made, which ordinarily, by itself, cannot be considered for a later promise to pay for the act

Back 5

past consideration

Front 6

contract in which one party forfeits right to pursue a legal claim against other party

Back 6

release

Front 7

remedy whereby contract is cancelled and the parties are returned to positions they occupied before contract was made; may be effected through the mutual consent of the parties, by there conduct, or by court decree

Back 7

rescission