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6 Cards in this Set

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Section 89. Modification of Executory Contract
A promise modifying duty under a contract not fully performed on either side is binding
a) if the modification is fair and equitable in view of circumstances not anticipated by the parties when the contract was made; or
b) to the extent provided by statute; or
c) to the extent that justice requires enforcement in view of material change of position in reliance on the promise.
Section 71. Requirement of Exchange, Types of Exchange
1. To constitute consideration, a performance or a return promise must be bargained for.

2. Performance or return promise is bargained for if it is sought by the promisee in exchange for that promise

3. The performance may consist of:
a. an act other than a promise, or
b. a forbearance, or
c. the creation, modification, or detsruction of a legal tradition

4. The performance or return promise maybe given to the promsior or to some other person. It may be given by the promisee or by some other person.
Section 77. Illusory and Alternative Promises.
A promise or apparent promise is not consideration if by its terms the promsior or purported promisor reserves a choice of alternative performances unless:
a) each of the alternative performances would have been consideration if it alone had been bargained for; or
b) one of the alternative performances would've been consideration and there is or appears to the parties to be a substantial possibility that before the promisor exercises his choice events may eliminate the alternatives which would not have been consideration.
Section 86. Promise for Benefit Received
1. A promise made in recignition of benefit previously recieved by the promisor from the promisee is binding to the extent necessary to prevent injustice
2. A promsie isnt binding under subsection 1:
a) if the promisee conferred the benefit as a gift or for the other rreasons the promisor hasnt been unjustly enriched; or
b) to the extent that itsvalue is disproportionate to the benefit
Section 90. Promise Reasonably Inducing Action or Forbearance
1. Promise that promisor should reasonably expect to induce action or forberanace on the part of the promisee or 3rd person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise. The remedy granted for breach may be limited as justice requires.
2. A chariyable subscription or marriage settlement is binding under subsection 1 w/o proof that the promise induced action or forbearance.
Section 74. Settlement of Claims
1. Forbearance to assert or the surrender of a cliam or defense which proves to be invalid is not consideration unless
a) the claim or defense is in fact doubtful because uncertainty as to the facts of law; or
b) the forbearing or surrendering party believes that the claim or defense may be fairly determined to be valid.

2. The execution of a written instrument surrendering a calim or defense by one who is under no duty to execute it si consideration if the execution of the written instrument is bargained for even though he is not asserting the claim or defense and believes that no valid claim or defense exists.