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Busniess lawq chpt10
Term | Definition |
---|---|
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 |