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10 Cards in this Set
- Front
- Back
Consideration |
The value given in return for a promise or in return for performance. |
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Forbearance |
Refraining from action that one has a legal right to undertake |
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Rescission |
The unmaking of a contract so as to return the parties to the positions they occupied before the contract was made |
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Past consideration |
Can't bargain for something that has already taken place |
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Accord and satisfaction |
Debtor offers to pay, and creditor accepts, a lessor amount than the amount originally claimed was owed |
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Liquidated debt |
An amount of a debt that has been ascertained, fixed, agreed on, settled or exactly determined |
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Unliquidated debt |
An amount of debt that has not been ascertained, fixed, agreed on, settled or exactly determined |
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Covenant not to sue |
An agreement not to sue another party |
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Promissory estoppel |
A person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery |
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Estopped |
A promise may be enforced even though it is not supported by consideration |