Business Law Chapter 15

Front 1

Consideration

Back 1

promise or performance that the promisor demands as the price of the promise

Front 2

forbearance

Back 2

refraining from doing an act

Front 3

illusory promise

Back 3

promise that in fact does not impose any obligation on teh promisor

Front 4

cancellation provision

Back 4

crossing out of a part of an instrument or a destructino of all legal effect of the instrument, whether by act of party, upon breach by the other party, or pursuant to agreement or decree of court

Front 5

composition of creditors

Back 5

agreement among creditos taht each shall accept a part payment as full payment in consideratioin of the other creditors doing the same

Front 6

past consideration

Back 6

something that has been perfrmed in the past and wehich, therefore, cannot be consderation for a promise made in the present

Front 7

promissory estoppel

Back 7

doctrine that apromise will be enforced although it is not supported by consideratino when the promisor should have reasonably expected that the promise would induce action or forbearance of a definte and stustantial character on the part of the promisd and injustice can be avoided only by enforcement of the promise

Front 8

How do you know where the benefit and detriment is in a contract?

Back 8

look for "if" statement

Front 9

Forebearance

Back 9

to stand back or refrain from, form of consideration,

Front 10

Quote for forebearance

Back 10

refrain from doing that wich you have a legal righ to do.

Front 11

Consideration must be what?

Back 11

Good and Valuable

Front 12

PUlling someon eout of the water and then having them offer to pay you is an example of what?

Back 12

Just "Good" Consideration

Front 13

Construction Law for consideration

Back 13

Good faith. Adjustments can be made to a contract on good faith. Mistakes dont count however.

Front 14

Exceptions to Consideration (2)

Back 14

Gifts that are prmised to a non-charitable institute. Firm Offer

Front 15

Firm Offer

Back 15

Offer between merchants and open for up to 90 days

Front 16

Quasi K is a what?

Back 16

Substitute to consideration
It's a promise with no "if"