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8.2_cj
| Question | Answer |
|---|---|
| Output contract | agreement to purchase all of a particular producer's production |
| Requirements contract | seller agrees to supply all of the needs of a particular buyer |
| Liquidated debt | debt for which the parties agree that the debt exists and on the amount of the debt |
| Accord and Satisfaction | parties' agreement to change the obligation required by their original contract and the performance of the new obligation |
| Release | party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain |
| Composition with creditors | agreement by all creditors to accept something less than the total amount of their claims as full payment |
| Past consideration | act that has already been performed cannot be consideration for a promise in the present |
| Statute of Limitations | state laws setting time limit for bringing a lawsuit |
| Promissory Estoppel | enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration |
Created by:
Chanse.j_
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