• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/10

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

10 Cards in this Set

  • Front
  • Back

Consideration

The value given in return for a promise or in return for performance.

Forbearance

Refraining from action that one has a legal right to undertake

Rescission

The unmaking of a contract so as to return the parties to the positions they occupied before the contract was made

Past consideration

Can't bargain for something that has already taken place

Accord and satisfaction

Debtor offers to pay, and creditor accepts, a lessor amount than the amount originally claimed was owed

Liquidated debt

An amount of a debt that has been ascertained, fixed, agreed on, settled or exactly determined

Unliquidated debt

An amount of debt that has not been ascertained, fixed, agreed on, settled or exactly determined

Covenant not to sue

An agreement not to sue another party

Promissory estoppel

A person who has reasonably and substantially relied on the promise of another may be able to obtain some measure of recovery

Estopped

A promise may be enforced even though it is not supported by consideration