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18 Cards in this Set
- Front
- Back
consideration |
what a person demands and generally must receive in order to make her or his promise legally binding |
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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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promisee |
person to who the promise is made |
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legal value |
change in a party's legal position as result of the contract |
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nominal consideration |
parties either cannot state the amount precisely or do not want to publicize it |
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output contract
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buying everything from the same place |
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requirement contract |
seller agreeing to supply all the needs of a particular buyer |
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liquidated debt |
where parties agree that the debt exists and on the amount of the debt. |
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accord and satisfaction |
payment offered in full settlement by the debtor by a creditor settles the claim |
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release |
pressure, injured party in the tort will agree to discharge another from liability in return for a monetary payment |
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composition with creditions |
group of creditors agree to receive less than entittled and in return debtor agrees not to file for bankruptcy |
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past consideration |
an act that has already been performed and cannot serve as consideration |
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statute of limitations |
specifies a time for bringing a lawsuit once you become aware of legal clam |
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promissory estoppel |
when brought into use or invoked by the courts ; prevents promisors from stating in court that they did not receive consideration for their promises. |
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gift |
transfer of ownership without receiving anything in return |