Ch. 15

Front 1

consideration

Back 1

what each party gives up to the other in making the agreement

Front 2

Bargained-for exchange

Back 2

for consideration to exist, most be given or promised something of value in return for the other parties' performance

Front 3

Benefit-detriment Approach

Back 3

benefit received by promisor or detriment made by promisee

someone offer to pay for paint job

Front 4

gift

Back 4

gifts can;t be forceable because of the lack of consideration in one side.

there is no bargained-for exchange

Front 5

adequacy of consideration

Back 5

courts don't have to make sure the contract its fair

Front 6

forbearance

Back 6

refraiming from doing somethings

Front 7

forbearance as consideratino

Back 7

consideration from one party is to refraim from doing something

Front 8

illusory promises

Back 8

promise that don't impose any obligation on the promisor

Front 9

cancellation provisions

Back 9

permission to cancel the agreement by a certain date

Front 10

conditional promises

Back 10

promise, that depends on the act of a specific condition, for it to be a binding promise

Front 11

preexisting legal obligation

Back 11

to do or promise to do something that you are already legally obligated to do is not consideration

Front 12

completion of contract

Back 12

if one party asks for something more in order to finish his part of contract, the something more is not consideration. if the one asking also gives something else, they are both binding

Front 13

good-faith adjustment

Back 13

second promise to pay contractor higher amount for performance of orignal contract when there are extraordinary circumstances caused by unforseeable difficulties

Front 14

contract for sale of goods

Back 14

any modification in good faith by the parties is binding

Front 15

compromise and release of claims

Back 15

promise to pay part of an amount already owed is not consideration

Front 16

part-payment checks

Back 16

n

Front 17

composition of creditors

Back 17

when group of creditos accept its correspondent fraction paid by debtor, its consideration

Front 18

past consideration

Back 18

something that has been done in the past

isn't consideration for a promise made in the present

Front 19

moral obligation

Back 19

promise based on moral obligation is not considration and can't be forceable

Front 20

exceptions to consideration

Back 20

1. charitable subscriptions

2.uniform commercial code

3.promissory estoppel

Front 21

charitable subscriptions

Back 21

to finance a construction for charitable purposes is not consideration

but if the charity rely on the money donated, there is consideration

Front 22

uniform commercial code

Back 22

consideration under the code is nor requiered for:

1.merchant's written offer of goods stated to be irrevocable

2.written discharge of a claim for an alleged breach of a commercial contract

3.agreement to modify a contract for the sale of goods

Front 23

promissory estoppel

Back 23

doctrine that will enforce a promise even if lacks consideration if:

promisor expects promisee will rely on promise

promisee relies in some substantual manner

enforcement of the promise will prevent unjustice