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11 Cards in this Set
- Front
- Back
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Forbearance |
The promise to refrain from doing something that a party has a legal right to do. |
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Promisor |
In the making of a contract, the party who makes a promise. |
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Promisee |
In the making of a contract, the party to whom a promise is made. |
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Pledge |
A promise to donate money to a church, temple, mosque, hospital, college, cultural institution, or other charitable organization. |
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General release |
A written agreement in which an aggrieved party can discharge in whole or in part a claim resulting from an alleged breach of contract. |
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Barren promise |
A promise to pay an existing debt or to obey the law, or a similar promise of something already owed. |
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Preexisting duty |
An obligation that a party is already bound to by law or by some other agreement. |
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Gratuitous promise |
A promise that does not require some benefit in return. |
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Illusory promise |
One that consists of an indefinite, open-ended statement purporting to be an agreement. |
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Moral consideration |
Something that a person is not legally bound to do but that he or she may feel bound to do because of love, friendship, honor, sympathy, conscience, or other reason. |
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Past consideration |
A promise to repay someone for a benefit after it has been received. |
