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18 Cards in this Set
- Front
- Back
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consideration
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what a person demands and generally must receive in order to make his or her promise legally binding |
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gift |
a transfer of ownership without receiving anything in return |
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donor |
person giving the gift |
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donee |
person receiving the gift |
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forbearance |
to not do something |
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promisor |
person promising |
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promisee |
person to whom the promise is made |
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legal value |
there's been a change in a party's legal position as a result of a contract |
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nominal consideration |
token amount
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output contract |
agreement to purchase all of a particular producer's production |
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requirements contract |
seller agrees to supply all of the needs of a particular buyer |
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liquidated debt |
debt for which the parties agree that the debit exists & on the amount of debt |
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accord & satisfaction |
agreement between parties to change the obligation required |
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release |
party settles a claim at the time the tort occurs |
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composition with creditors |
agreement by all creditors to accept something less than the total amount of their claims as full payment |
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past consideration |
act that has already been performed & cannot be consideration for a promise in the present |
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statute of limitations |
state laws setting time limit for bringing a lawsuit |
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promissory esstoppel |
enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration |
