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18 Cards in this Set
- Front
- Back
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Consideration |
a person 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 |
not do something; the action of refraining from exercising a legal right, especially enforcing the payment of a debt |
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Promisor |
a person promising an action of forbearance |
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Promisee |
the person to whom the promise is made |
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Legal Value |
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 |
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 debt exists and on the amount of the debt |
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Accord and Satisfaction |
parties agreement to change the obligation required by their original contract and the performance of the new obligation
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Release |
party settles a claim at the time the torts occurs, and the liability is unliquidated because the extent of damages is uncertain |
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Compositions and 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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Statue of Limitations |
state laws setting time limit for bringing a lawsuit |
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Promissory Estoppel |
enforcement of a promisor to avoid injustice by denying to the promisor the defense of lack of consideration |
