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Busniess lawq chpt10

TermDefinition
Forbearance The promise to refrain from doing something
Promisor The person making a promise
Promisee The person who a promise is being made to
Pledge A promise to donate money to a church temple mosque hospital or other charitable organization
General Release A written agreement in which a n aggrieved party can discharge in whole or in part a claim resulting from an alleged breach of contract
Barren Promise A promise to pay an existing debt or to obey the law, a promise of something already owed
Preexisting Duty An obligation that a party is already bount to by law or by some other agreement. The party may not use this as consideration in a new contract
Gratuitous Promise A promise that does not require some benefit in reurn
Illusory Promise One that consists of an indefinite, open-ended statement purporting to be an agreement.
Moral Consideration Something that a person is not legally bount to do but that he or she may feel bound to do because of love, friendship, home, sympathy, concience, or other reason
Past Consideration A promise to repay someone for a benefit after it has been recieved
Created by: Masterkenny12