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Law Chap 11

Chapter 11 Vocab

consideration The value given in return for a promise or performance in a contractual agreement
covenant not to sue An agreement to substitute a contractual obligation for some other type of action
forbearance The act of refraining from an action that one has a legal right to undertake
past consideration An act completed in the past, which ordinarily, by itself, cannot be consideration for a later promise to pay for the act.
promissory estoppel A doctrine that can be used to enforce a promise when the promisee has justifiably relied on it, and justice will be better served by enforcing it.
release An agreement in which one party gives up the right to pursue a legal claim against another party
rescission A remedy whereby a contract is terminated and the parties are returned to the positions they occupied before the contract was made.
Created by: jtietboehl