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18 Cards in this Set
- Front
- Back
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consideration |
person demands and generally must receive in order to make her or his promise legally binding
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gift |
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 an action or forbearance |
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legal value |
change in a party's legal position as a result of the contract. |
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nominal consideration |
token amount |
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output contract |
seller may agree to supply an of the needs of a particular buyer |
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requirements contract |
one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party. |
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liquidated debt |
where the parties agree that the debt exists and on the amount of the debt |
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promisee |
person to whom the promise is made to
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accord and satisfaction |
a payment offered in full settlement by the debtor and accepted by a creditor settles the claim |
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release |
a discharge agreement |
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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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pass consideration |
act that has already been performed cannot serve as a consideration for a later promise |
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statute of limitations |
state laws setting time limit for bringing a lawsuit |
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promissory estoppel |
enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration |
