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LEB Chapter 8

QuestionAnswer
Consideration what a person demands and generally must receive in order to make his/her promise legally binding.
Gift a transfer of ownership without receiving anything in return.
Donor the person giving the gift
Donee the person receiving the gift
Forbearance The promise to refrain from doing
Promisor The person promising
Promisee the person the promise is made
Legal Value the change in a parties position
Nominal Consideration token amount not specifically specified.
Illusory promise that must be binding
Output Contract agreement to purchase all a particular producers production
Requirements Contract seller agrees to supply all of the needs of a particular buyer.
Concept of Existing Duty A person sometimes promises to do something that he or she already is obligated to do by law or by prior contract
Liquidated Debt debt for which parties agree that the debt exists and on the amount of the debt
Creditor person to who the debt is owed
Debtor person who owes money to a creditor
Unliquidated Debt when there is a genuine dispute between the parties about how much is owed
Accord and Satisfaction The new agreement on the new amount
Statute of Limitations state laws setting a time limit for bringing a lawsuit
Promissory Estoppel when a promise is enforced even though no consideration is given for it
Created by: LEBSPAN
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