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18 Cards in this Set
- Front
- Back
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Consideration |
A persons demands and generally must receive in order to make her or his promise legally binding. |
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Gift |
A transfer of ownership without receiving anything in return. |
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Donor |
The person giving the gift. |
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Donee |
The person receiving the gift. |
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Forbearance |
To not do something. |
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Promisor |
A person promising an action or forbearance. |
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Promisee |
The person whom promise is made. |
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Legal value |
There has been a change in a party's legal position as a result of the contract. |
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Nominal consideration |
Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely. |
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Output contract |
Buyers agree to purchase all of particular producer's production. |
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Requirements contract |
A seller may agree to supply all of the needs of a particular buyer. |
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Liquidated debt |
When the parties agree that the debt exist an on the amount of the debt. |
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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 |
An injured party will agree to discharge another from liability for the tort in return for monetary payment or other consideration. |
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Composition with creditors |
A group of creditors will cooperatively agree to accept less that what they are entitle to, in full satisfaction of their claims against the debtor. In return the debtor agrees to not file for bankruptcy. |
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Past consideration |
An act that has already been performed cannot serve as a consideration for a later promise. |
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Statue of limitations |
Specifies a time limit for bringing a lawsuit once you become aware of a legal claim. |
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Promissory estoppel |
Prevents promisors from stating in court that they did not receive consideration for their promises. |
